Novavax Inc (NASDAQ:NVAX) shares are trading lower Thursday following bearish analyst coverage from JPMorgan.
JPMorgan analyst Eric Joseph downgraded Novavax from Neutral to Underweight and lowered the price target to $27 from $132, citing headwinds for the company’s COVID-19 vaccine, Nuvaxovid, which are likely to lead to further guidance cuts.
Nuvaxovid is a protein-based vaccine engineered from the genetic sequence of the first strain of SARS-CoV-2. Nuvaxovid has received authorization for use in adults aged 18 and older from more than 40 markets, including the U.S. and from the World Health Organization.
Novavax is a clinical stage biotechnology company with a focus on delivering novel products that prevent a broad range of diseases.
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NVAX Price Action: Novavax has a 52-week high of $145.20 and a 52-week low of $25.84.
The stock was down 5.68% at $24.40 at time of publication, according to Benzinga Pro.
Photo: Jernej Furman from Flickr.