Novavax price target lowered to $37 from $74 at B. Riley

B. Riley analyst Mayank Mamtani lowered the firm’s price target on Novavax to $37 from $74 and keeps a Buy rating on the shares. The analyst "dramatically lowered" 2023 sales and cash flow expectations but continues to view Novavax as a "value play." There remains "substantial value" in its core respiratory vaccine portfolio, Mamtani tells investors in a research note. He says the company’s fresh capital helps it navigate near-term uncertainty.