Citi analyst Joel Beatty continues to view the combined value of Novavax's respiratory syncytial virus and flu vaccines are higher than the company's current enterprise value of ~$400M. However, he lowered his price target for the shares to $15 from $19 to reflect the "unusually high cash challenges for the company." Beatty expects positive NanoFlu results in Q1 of 2020, but says any upside to the stock from these results is unlikely to be sustained unless Novavax is also able to obtain meaningful non-dilutive funding related to one or both of its lead vaccine candidates. The analyst keeps a Buy rating on the shares, adding that the company's two late-stage vaccines may attract interest from large pharma.