B. Riley upgraded Vaxart to Buy from Neutral with a price target of $2, up from $1.50. The analyst cites the “long-awaited” receipt of $9.27M from BARDA’s Project NextGen award and the CEO resignation for the upgrade. The firm believes “upside is in the details while downside risk has diminished,” noting an incremental $300M is highly likely to be received as part of Rapid Response Partnership Vehicle for Phase IIb study execution with the performance period beginning Q2. It anticipates Vaxart to be among those leading NextGen vaccination efforts as visibility on next steps remain unclear for the two other intra-nasal programs also funded as part of the broader $5B Health and Human Services initiative.
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