Stock Update (NASDAQ:NVAX): Novavax, Inc. Announces Grant of Up to $89 Million to Support Development of RSV F Vaccine to Protect Infants Via Maternal Immunization


Novavax, Inc. (NASDAQ:NVAX), a clinical-stage vaccine company focused on the discovery, development and commercialization of recombinant nanoparticle vaccines and adjuvants, today announced it has been awarded a grant of up to $89 million from the Bill & Melinda Gates Foundation to support development of the RSV F Vaccine Phase 3 clinical trial in pregnant women, planned to initiate during the first quarter of 2016. This grant will also support regulatory licensing efforts, providing a path to WHO prequalification. Upon licensure, Novavax has agreed to make the RSV F Vaccine affordable and accessible to people in the developing world.

“Respiratory syncytial virus (RSV) is the leading cause of pneumonia in infants, and currently there are no affordable approaches to protecting children in the developing world from this viral disease,” said Dr. Keith Klugman, Director of the Bill & Melinda Gates Foundation’s Pneumonia Program. “Maternal immunization may provide protective antibodies to infants during the first few months of life, and we hope this vaccine will protect infants from this disease to help them live healthy, productive lives.”

“Along with today’s announcement of top-line data from the Phase 2 clinical trial of our RSV F Vaccine with the goal to protect infants via maternal immunization, we are very gratified to receive the support of the Bill & Melinda Gates Foundation to improve the health of infants throughout the world,” said Stanley C. Erck, President and CEO. “Our groundbreaking Phase 2 results in both maternal and older adult target populations, underscore the promise of our RSV F Vaccine programs. We look forward to carrying our recent momentum into the fourth quarter as we prepare to initiate two pivotal Phase 3 trials of our RSV F Vaccine.” (Original Source)

Shares of Novavax closed yesterday at $8.15. NVAX has a 1-year high of $15.01 and a 1-year low of $3.92. The stock’s 50-day moving average is $11.01 and its 200-day moving average is $9.96.

On the ratings front, Novavax has been the subject of a number of recent research reports. In a report issued on August 11, Piper Jaffray analyst Edward Tenthoff reiterated a Buy rating on NVAX, with a price target of $17, which represents a potential upside of 108.6% from where the stock is currently trading. Separately, on the same day, J.P. Morgan’s Cory Kasimov reiterated a Buy rating on the stock and has a price target of $14.

According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Edward Tenthoff and Cory Kasimov have a total average return of 9.5% and -7.3% respectively. Tenthoff has a success rate of 36.4% and is ranked #619 out of 3752 analysts, while Kasimov has a success rate of 28.8% and is ranked #3619.

Novavax Inc is a clinical-stage vaccine company engaged in the discovery, development and commercialization of recombinant nanoparticle vaccines and adjuvants.