Novavax Stock Could Hit $315, Says Analyst

Novavax $Novavax(NVAX.US)$ shares have been volatile recently. News the EUA filing with the FDA for its Covid-19 vaccine NVX-CoV2373 has been further delayed – the company only submitted data concerning the manufacturing processes, suggesting the EUA filing is still a way off – has not helped matters.

Mamtani, however, seems unperturbed by these concerns. “We remind investors of NVAX nearing monthly manufacturing target of 150M doses; primarily via SII with India government permits already secured to export 100M+ doses with most recent permit specific to higher income countries, Netherlands, Australia & NZ where SII's role is limited to that of a CDMO; implying 70%+ margins, off of a premium-priced product, flowing into NVAX's profitability as we project '2373 to capture meaningful share of the still expanding market, likely to exceed $60B in 2022,” the analyst duly explained.

With all this as backdrop, Mamtani thinks a new price target is in order; the figure rises from $305 to a new Street-high of $315, suggesting shares will climb by 120% over the next 12 months. The analyst’s rating stays a Buy.

Part of the content is taken from Yahoo.