J.P. Morgan Maintains Overweight on Novavax, Inc. (NVAX) Following Positive Results in Phase 1 Ebola Vaccine Trial
J.P. Morgan analyst Cory Kasimov weighed in today with a few insights on Novavax, Inc. (NASDAQ:NVAX), after the company announced positive top-line data from its Phase 1 Ebola vaccine trial as part of the WHO’s Teleconference on Ebola Vaccine Clinical Trials. The analyst maintained an Overweight rating on Novavax stock, without providing a price target.
Kasimov wrote, “We don’t have much in the way of expectations for an Ebola product, but the promising results from this early trial reassure our confidence in NVAX’s innovative technology platform and its ability to create effective vaccines for a wide variety of infectious diseases. In our view, this headline is more of an appetizer for the far more important data readouts expected over the remainder of the year.”
Furthermore, “While the particular order of events is unknown, we expect important Phase 2 updates from the RSV (elderly and maternal immunization) and seasonal flu programs before the end of 2015 (likely 3Q). We continue to see a high probability of success for these assets, and as such, maintain our Overweight rating.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Cory Kasimov has a total average return of 18.5% and a 64.5% success rate. Kasimov has a 91.4% average return when recommending NVAX, and is ranked #112 out of 3711 analysts.
All the 5 analysts polled by TipRanks rate Novavax stock a Buy. With a downside potential of 12.3%, the stock’s consensus target price stands at $10.90.