Ladenburg downgrades Novavax to Sell with $105 target after vaccine data

Ladenburg Thalmann analyst Michael Higgins downgraded Novavax to Sell from Neutral with a $105 price target after the company presented Phase 1 data for its COVID-19 vaccine NVX-CoV2373. The stock in premarket trading is up 17%, or $26.83, to $184.00. The vaccine induced "robust" immune responses against the spike protein that exceeded convalescent sera levels from patients infected with or recovering from COVID-19 infection, Higgins tells investors in a research note. However, Novavax is one of the last companies in "Operation Warp Speed" to present its initial data and its current valuation overestimates the revenue and net profit opportunity, contends the analyst.