Friday, September 21, 2018 9:29:43 AM
Shares of Novavax Inc. (NVAX) soared 12% in premarket trade Friday, after J.P. Morgan analyst Eric Joseph swung to bullish from bearish, citing a favorable risk-reward investment profile ahead of pivotal trial data on its RSV treatment for infants, due out in the first quarter of 2019. Joseph raised his rating two notches to overweight from underweight. He said the shares have already pulled back sharply from recent highs on "receding expectations" regarding the trial outcome. As a result, he sees 50% to over 100% potential upside in the stock after the results, and about an 80% downside risk on a trial failure, but that is viewed as a "less likely" event. "Looking beyond the phase 3 readout, we believe positive PREPARE data would support broader development to additional at-risk populations and their inclusion in the model (pediatric patients under 2yo)," Joseph wrote in a note to clients. The stock had tumbled 39% from the Feb. 20 17-month closing high of $2.42. Over the same time, the iShares Nasdaq Biotechnology ETF (IBB) has climbed 9.2% and the S&P 500 has advanced 7.9%.
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- Form 8-K - Current report • Edgar (US Regulatory) • 02/28/2024 01:07:50 PM
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- Form 8-K - Current report • Edgar (US Regulatory) • 01/31/2024 01:00:41 PM
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