Oppenheimer analyst Kevin DeGeeter lowered his price target for Novavax to $13 from $25 after the company filed an 8-K disclosing EMA declined to support use of the conditional marketing authorization pathway for approval of ResVax in the EU. While the decision does not formally prevent Novavax from filing with EMA, the analyst believes that approval without an additional clinical trial is now unlikely. DeGeeter reiterates an Outperform rating based on continued optimism for a positive Phase III result for NanoFlu in Q1 2020. Furthermore, given increased clarity on the regulatory path for ResVax, he believes there is stronger logic for management to seek a sale of the company following NanoFlu data