B. Riley analyst Mayank Mamtani raised the firm’s price target on Novavax (NVAX) to $29 from $11 and keeps a Buy rating on the shares. The recent strategic collaboration and licensing agreement with Sanofi (SNY) is broadly viewed as a long-awaited inflection point, the analyst tells investors in a research note. The price target increase is driven by an even more streamlined opex structure focused primarily on enhancing Matrix M adjuvant-based pipeline productivity, the firm says.
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