TD Cowen lowered the firm’s price target on Novavax (NVAX) to $7 from $8 and keeps a Hold rating on the shares. The firm updated its model ahead of Q3 results to reflect recent industry data and company updates. Positive P1/2 update for NVAX + SNY COVID-19/flu combo is encouraging, although latest U.S. Rx trends suggest declining COVID-19 vaccine market will be near-term headwind.
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