Novavax (NVAX – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst yesterday. Analyst Brendan Smith from TD Cowen maintained a Hold rating on the stock and has a $5.00 price target.
Brendan Smith has given his Hold rating due to a combination of factors including Novavax’s recent quarterly performance and future revenue guidance. Novavax’s Q4 sales of the COVID-19 vaccine were in line with expectations, yet the company experienced minimal market penetration in the US. Looking forward, the company’s FY24 revenue guidance is contingent on fulfilling existing Advance Purchase Agreements (APAs), with an emphasis on better market penetration, particularly in the US and EU, being essential for longer-term success.
Smith acknowledges the importance of Novavax delivering on its outstanding APAs, as these are crucial for the company’s near-term financial support. He also notes the company’s initiatives to enter the European commercial market and its strategic steps to streamline operations through cost-cutting measures, including significant reductions in workforce and projected decreases in R&D and SG&A expenses. These efforts are seen as necessary for Novavax to stabilize its financial position and succeed in the competitive vaccine market.
According to TipRanks, Smith is a 2-star analyst with an average return of 0.6% and a 57.14% success rate. Smith covers the Healthcare sector, focusing on stocks such as Denali Therapeutics, Arrowhead Pharmaceuticals, and Novavax.
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Novavax (NVAX) Company Description:
Novavax, Inc. is a late-stage biotechnology company, which focuses on the discovery, development and commercialization of vaccines to prevent infectious diseases. It produces vaccine candidates to respond to both known and emerging disease threats by using the proprietary recombinant nanoparticle vaccine technology. Its vaccine candidates include ResVax and NanoFlu. It also develops immune stimulating saponin-based adjuvants through its wholly owned Swedish subsidiary, Novavax AB. The company was founded in 1987 and is headquartered in Gaithersburg, MD.
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