- The stock price of Novavax (NVAX) fell by over 13% intraday today. This is why.
The stock price of Novavax (NVAX) fell by over 13% intraday today.
Why: Bearish research report
Price target: Reduced from $132 to $27
Rating: Downgraded from “Neutral” to “Underweight”
Analyst: JPMorgan analyst Eric Joseph
Joseph adjusted the rating due to softening demand for the Covid-19 vaccine Nuvaxovid.
Joseph noted that the read of the recent vaccine dynamic in the EU and US suggests further guidance cuts are likely. Plus there are mid- and longer-term headwinds to meaningful Nuvaxovid uptake.