Novavax price target raised to $132 from $101 at H.C. Wainwright

H.C. Wainwright analyst Vernon Bernardino raised the firm's price target on Novavax to $132 from $101 and reiterates a Buy rating on the shares. The stock closed Wednesday up $1.18 to $111.15. While so much is still unknown about SARS-CoV-2 and COVID-19, a growing number of studies suggest the feasibility of herd immunity is increasingly doubtful, Bernardino tells investors in a research note. As a result, the potential for periodic surges in SARS-CoV-2 infections may persist for the foreseeable future, says the analyst. As such, he believes herd immunity may not be a reasonable expectation in controlling the COVID-19 pandemic. Bernardino believes a global market exists for SARS-CoV-2 vaccines that could peak at approximately $10B in 2023, and he projects Novavax's vaccine candidate, NVX-CoV2373, as annually sustaining 10% market share.