Wells Fargo analyst David Maris notes that Emergent BioSolutions announced that it was awarded a 10-year contract award by the Office of the Assistant Secretary for Preparedness and Response in the U.S. Department of Health and Human Services valued at approximately $535M. The company stated that the U.S. government has never awarded a 10-year contract for Vaccinia Immune Globulin Intravenous, and the last VIGIV contract was a 1-year $26M contract that was signed in February 2018, he points out, adding the contract prior to that was a 3-year $92M contract. The analyst views the size and timeline of the newly announced VIGIV contract as a clear positive. Further, Maris continues to think the ACAM2000 follow on contracts is a "when" not an "if" and expects the shares to trade higher when this contract negotiation is completed. He reiterates a Market Perform rating and a $61 price target on the stock.