Biomedical Advanced Research and Development Authority's decision not to exercise development options for Pfenex's novel anthrax vaccine candidates has no material impact to the bullish view on the company's proprietary protein expression platform, William Blair analyst Andy Hsieh tells investors in a research note. The analyst notes the company's anthrax programs were not included in his fair value assessment. He reminds investors that the previous development of the anthrax assets have been fully funded by BARDA, and therefore, the announcement should not have any material impact on the company's financials. Hsieh keeps an Outperform rating on Pfenex.