JPMorgan analyst Eric Joseph upgraded Novavax (NVAX) to Neutral from Underweight without a price target. The analyst cites the company’s COVID-19 vaccine licensing agreement with Sanofi (SNY) for the upgrade. With the injection of $500M in cash removing Novavax’s going concern, and the greater commercial heft brought to both its COVID standalone and COVID-Flu combo offering by a leading player in the flu market, the deal is “transformative” to Novavax’s overall business, the analyst tells investors in a research note.
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