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Novavax Rose Due to Positive NanoFlu Vaccine Results

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On January 3, Novavax (NVAX) issued a press release announcing positive top-line results from the Phase 2 trial comparing the safety and immunogenicity of its multiple NanoFlu vaccine formulations. Two influenza vaccines are already licensed in the United States for healthy, older adults. According to the press release, the company plans to schedule an end-of-Phase 2 meeting with the FDA and start the pivotal Phase 3 trial for the vaccine in 2019.

Novavax expects the FDA to allow the company to pursue an accelerated approval pathway for NanoFlu, which would allow it to secure a US license in the coming years.

After the announcement, Novavax reported a 3.55% rise in the share prices from $1.97 on January 2 to $2.04 on January 3. The company closed at $2.14 on January 4, which is 4.90% higher compared to the previous closing price.

Based on its closing price on January 4, the company reported returns of 13.83% in the last week, -2.28% in the last month, and 2.39% in the last quarter. Novavax also reported returns of 56.20% in the second half of 2018, 58.52% in 2018, and 16.30% YTD.

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Analysts’ recommendations and target price

On January 7, analysts’ consensus 12-month recommendation for Novavax is a “buy.” The 12-month consensus target price for the company is $4.5, which is 110.28% higher than its closing price on January 4. The highest target price estimate for the company is $10, while the lowest target price estimate is $1.5.

Among the eight analysts covering Novavax on January 7, three recommended a “strong buy,” three recommended a “buy,” and two recommended a “hold.”

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