Fauci 'cautiously optimistic' at least one Phase 3 vaccine trial starts in July » 12:3606/0506/05/20
SPX, SPY, MRNA, JNJ, MRK, PFE, NVAX, INO, AZN
Fauci said he is…
Fauci said he is "cautiously optimistic" that "at least one" Phase 3 trial testing a COVID_19 vaccine candidate can start in early July and that "a few others" should be able to start by early fall. If things break correctly, "we can have an answer" by the end of this calendar year or early in 2021 if there is a safe and effective vaccine that has been found, added Fauci. Companies working on potential COVID-19 vaccines include Moderna (MRNA), AstraZeneca (AZN), Johnson & Johnson (JNJ), Merck (MRK), Pfizer (PFE), Novavax (NVAX) and Inovio (INO). Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, is being interviewed on CNBC.
Fly Intel: Top five analyst upgrades » 10:0606/0506/05/20
NVAX, NAV, SYY, HXL, WBK
Catch up on today's…
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Novavax (NVAX) upgraded to Neutral from Underweight at JPMorgan with analyst Eric Joseph saying the stock's 995% rally year-to-date reflects the potential promise for the company's COVID-19 vaccine program, NVX-CoV2373, having recently initiated phase 1 testing. 2. Navistar (NAV) was upgraded to Outperform from Neutral at Baird and to Buy from Hold at Loop Capital. 3. Sysco (SYY) upgraded to Overweight from Equal Weight at Wells Fargo with analyst Edward Kelly saying Kelly's confidence in the company's ability to navigate the COVID-19 disruption and emerge even stronger is growing. 4. Hexcel (HXL) upgraded to Outperform from Market Perform at BMO Capital with analyst John McNulty saying while the company's near-term earnings will be "abysmal" with significant production cuts in aerospace compounded by inventory destocking that can't be offset quickly enough with cost cutting, there are improving signs for the intermediate to long term with the 737 MAX ramp-up having started. 5. Westpac (WBK) upgraded to Buy from Neutral at UBS with analyst Jonathan Mott saying he Australian banks have de-rated but the outlooks "may not be as bleak." This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
JPMorgan upgrades Novavax to Neutral despite 'shaky fundamentals' » 09:3706/0506/05/20
JPMorgan analyst Eric…
JPMorgan analyst Eric Joseph upgraded Novavax to Neutral from Underweight with an unchanged price target of $46. The stock's 995% rally year-to-date reflects the potential promise for the company's COVID-19 vaccine program, NVX-CoV2373, having recently initiated phase 1 testing, Joseph tells investors in a research note. However, much remains unknown about the nature of the virus and its pathology and ultimate size of the market opportunity longer-term, adds the analyst. As such, Joseph sees "shaky fundamentals" behind COVID-19 vaccine-driven valuations that would keep him from "chasing upside momentum from current levels." The outlook for Novavax shares is one of "further volatility in advance of clinical challenge data," adds the analyst.
Novavax price target raised to $74 from $61 at B. Riley FBR » 08:1606/0506/05/20
B. Riley FBR analyst…
B. Riley FBR analyst Mayank Mamtani raised the firm's price target on Novavax to $74 from $61 and reiterates a Buy rating on the shares. The stock closed Thursday up 41c to $44.66. The company announced last night that the U.S. Department of Defense has granted it $60M to support the production of NVX-CoV2373 in the U.S., Mamtani tells investors in a research note titled "U.S. DoD Contract Locked In; Is Operation Warp Speed Next?" This development is in "sharp contrast" to the New York Times report this week that excluded Novavax from the list of five finalists chosen by the Trump administration via "Operation Warp Speed," says Mamtani. In fact, the Department of Defense contract strengthens the analyst's conviction in a "sizeable funding" to be secured from the Biomedical Advanced Research and Development Authority, which he notes has ~$4B left over from the original $6.5B allocation under the CARES Act for COVID-19 vaccine development and manufacturing. Mamtani recommends using the recent weakness in Novavax shares as a buying opportunity.
Rosenblatt starts 'misunderstood' Smart Global at Buy » 07:2406/0506/05/20
As previously reported,…
As previously reported, Rosenblatt analyst Kevin Cassidy initiated coverage of Smart Global with a Buy rating and $45 price target. Smart Global is "misunderstood by the market" as memory sub-systems have an increasing importance to overall system performance and are becoming increasing more complex to design, Cassidy argues. In addition, recent acquisitions have opened up revenue exposure to high growth markets such as high performance computing for artificial intelligence and the industrial Internet of Things, according to Cassidy.
Smart Global initiated with a Buy at Rosenblatt » 05:1406/0506/05/20
Rosenblatt initiated coverage of Smart Global Holdings with a Buy rating and $45 price target.
AMC Entertainment price target raised to $4 from $3 at Imperial Capital » 05:0906/0506/05/20
Imperial Capital analyst…
Imperial Capital analyst David Miller raised the firm's price target on AMC Entertainment to $4 from $3 and keeps an In-Line rating on the shares ahead of the company's Q1 results.
Novavax upgraded to Neutral from Underweight at JPMorgan » 04:4206/0506/05/20
JPMorgan analyst Eric…
JPMorgan analyst Eric Joseph upgraded Novavax to Neutral from Underweight with a $46 price target.
Novavax awarded $60M contract from U.S. Defense Dept for COVID-19 vaccine » 20:2506/0406/04/20
Novavax announced that…
Novavax announced that the company has been awarded a contract by the U.S. Department of Defense for the manufacturing of NVX-CoV2373, Novavax' COVID-19 vaccine candidate. "JPEO-CRBND-EB through funding provided by the Defense Health Program, has agreed to fund up to $60M to support Novavax in its production of several components of the vaccine that will be manufactured in the U.S. The agreement includes a 2020 delivery of 10M doses of NVX-CoV2373 for DoD that could be used in Phase 2/3 clinical trials or under an Emergency Use Authorization, if approved by the U.S. FDA", the company states in its press release.
More than half of American retailers skipped on rent in April, May, BI says » 17:1706/0406/04/20
BBBY, GPS, AMC
According to Business…
According to Business Insider, citing an earlier story from the Washington Post's Heather Long, "Bed Bath & Beyond (BBBY), Famous Footwear, H&M, and the Gap (GPS), AMC (AMC) and Regal movie theaters, and 24 Hour Fitness gyms have all missed payments, jeopardizing the stability of their property management companies and municipal governments that rely on property taxes." Reference Link