Fly News Breaks for January 27, 2020
Jan 27, 2020 | 07:53 EDT
Novavax has experience in developing coronavirus vaccines and its insect-based vaccine platform is ideally suited to address pandemic flu outbreaks, Ladenburg analyst Michael Higgins tells investors in a research note. It is possible for the company to develop a 2019 coronavirus vaccine that is ready for manufacturing scale-up in 90 days, but it's still likely that any regulatory clearance would require toxicity and stability studies, plus animal studies, before any human testing could begin, adds Higgins, citing his talks with management. He believes Novavax's fundamental driver continues to be NanoFlu, with pivotal results expected in late March. NanoFlu's potential seasonal flu revenues remain the analyst's only source of Novavax projected revenues. He continues to model $1B in 2027 revenues following a launch in the 2022/2023 flu season. Higgins keeps a Buy rating on Novavax shares with a $27.50 price target. The stock closed Friday up 14c to $7.80 and is rallyig $1.35 to $9.15 in premarket trading amid reports of the spreading coronavirus.
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