J.P. Morgan Raises Price Target for Novavax, Inc. on Back of RSV Phase 2 Trial Data

In a research report released Tuesday, J.P. Morgan analyst Cory Kasimov reiterated an Overweight rating on shares of Novavax, Inc. (NASDAQ:NVAX) and raised the price target to $14 (from $10), after top-line data from the company’s elderly RSV Phase 2 trial were announced with the second-quarter results, sending shares up more than 24%.

Kasimov wrote, “Our key takeaways from the announcement were: (1) treatment conveyed statistically significant vaccine efficacy in prevention of RSV disease, (2) targeting a 4Q15 start for an 8-10k patient Phase 3, and (3) positive results should have read through to other populations. Overall, we believe this is a positive update from Novavax that shows the potential of its RSV vaccine, which we view as the main value driver for the company.” Furthermore, “We updated for actuals, raised probability of success rates for the RSV franchise based on the recent data and rolled our price targt.”

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 7.1% and a 50.0% success rate. Kasimov has a 56.0% average return when recommending NVAX, and is ranked #675 out of 3729 analysts.

All the 5 analysts polled by TipRanks rate Novavax stock a Buy. With a downside potential of 22.8%, the stock’s consensus target price still stands at $10.90.

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