Novavax price target raised to $18 from $12 at BofA

BofA analyst Alec Stranahan raised the firm’s price target on Novavax (NVAX) to $18 from $12 and keeps a Neutral rating on the shares. The firm revisited its market projections for Nuvaxovid commercialization and says its base assumption continues to frame 15%-20% of the eligible population are most apt to take Nuvaxovid on an annual basis, with 15% share. The firm adds that a “more bullish, but still realistic scenario,” where Sanofi (SNY) is able to drive 25% or greater penetration for Nuvaxovid in 2025-plus, would represent “upside to our numbers,” adding that it sees Sanofi as “the ideal partner for Nuvaxovid being a world leader in flu/pediatric vaccines.”