Novavax (NVAX, Financial) experienced a notable 21% increase in its stock value following an announcement regarding communication from the U.S. Food and Drug Administration (FDA). The FDA has requested that Novavax provide additional clinical data for its COVID-19 vaccine, Nuvaxovid, as a post-marketing commitment.
Novavax has expressed confidence that its Biologics License Application (BLA) for Nuvaxovid is on track for approval. This confidence is based on recent discussions with the FDA, suggesting that the required additional data can be gathered after the BLA has been approved. This development has somewhat alleviated concerns about the potential approval and progression of COVID-related milestones, especially in light of previous delays and remarks from public figures like Robert Kennedy Jr.
Despite the positive market reaction and potential relief surrounding the approval uncertainty, analysts at BofA remain cautious, reiterating a Neutral rating for Novavax's stock. They maintain a price target of $10, indicating that while this recent development is promising, clarity is still needed regarding the commercial strategy for Nuvaxovid.
Wall Street Analysts Forecast
Based on the one-year price targets offered by 6 analysts, the average target price for Novavax Inc (NVAX, Financial) is $17.33 with a high estimate of $25.00 and a low estimate of $9.00. The average target implies an upside of 129.43% from the current price of $7.56. More detailed estimate data can be found on the Novavax Inc (NVAX) Forecast page.
Based on the consensus recommendation from 7 brokerage firms, Novavax Inc's (NVAX, Financial) average brokerage recommendation is currently 2.3, indicating "Outperform" status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.
Based on GuruFocus estimates, the estimated GF Value for Novavax Inc (NVAX, Financial) in one year is $5.64, suggesting a downside of 25.35% from the current price of $7.555. GF Value is GuruFocus' estimate of the fair value that the stock should be traded at. It is calculated based on the historical multiples the stock has traded at previously, as well as past business growth and the future estimates of the business' performance. More detailed data can be found on the Novavax Inc (NVAX) Summary page.
