Ladenburg Thalmann & Co. analyst Michael Higgins reiterated a Buy rating on Novavax (NVAX) today and set a price target of $42.50. The company’s shares closed on Friday at $5.86, close to its 52-week low of $4.64.
Higgins commented:
“We have trimmed our 2H’19 $102.0M run- rate to a $48.5M run-rate. The additional $18M on 3Q’19 balance sheet should leave $64M on Novavax’s YE’19 balance sheet, up from $49M previously. Cash runway is extended from and we have removed our near-term expectation for an equity raise in 3Q’19 of $30M following our $27M reduction in 2H’19 cash burn + $18M cash receipt.”
According to TipRanks.com, Higgins is ranked 0 out of 5 stars with an average return of -6.9% and a 32.0% success rate. Higgins covers the Healthcare sector, focusing on stocks such as Armata Pharmaceuticals Inc, Rhythm Pharmaceuticals Inc, and Achieve Life Sciences Inc.
Currently, the analyst consensus on Novavax is a Moderate Buy with an average price target of $18.42.
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The company has a one-year high of $51.60 and a one-year low of $4.64. Currently, Novavax has an average volume of 5.86M.
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Novavax, Inc. is a late-stage biotechnology company, which focuses on the discovery, development and commercialization of vaccines to prevent infectious diseases. It produces vaccine candidates to respond to both known and emerging disease threats by using the proprietary recombinant nanoparticle vaccine technology.
