Novavax price target lowered to $12 from $14 at BofA

BofA lowered the firm’s price target on Novavax (NVAX) to $12 from $14 and keeps a Neutral rating on the shares. The company announced Nuvaxovid sales of $38.2M, which beat consensus expectations of $32.6M, but also reported a reduction in full-year revenue guidance to $650M-$700M from $700M-$800M arising from decreased full-year product sales guidance, the analyst noted. Pivoting to focus on early pipeline programs and looking to partner other late-stage programs should help with Novavax’s goal of slashing R&D and SG&A costs, the firm still sees Novavax’s strategy as needing derisking before any significant value-add is realized, the analyst tells investors.