Novavax (NVAX) Stock: Why It Fell Over 13% Today

By Amit Chowdhry ● Sep 22, 2022
  • 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.