Novavax initiated with a Sell at Citi

Citi initiated coverage of Novavax (NVAX) with a Sell rating and $6 price target The firm acknowledges vaccines remain a “key cornerstone” to global health and that Novavax’s technologies could contribute to the creation of innovative, new ones. However, the company’s “overwhelming concentration” in respiratory vaccines, an area that is seeing a decline in vaccination rates and has many entrenched players, along with healthcare policies that are “in flux” and “not encouraging” towards vaccines, makes it challenging to establish a line of sight to success for Novavax, the analyst tells investors in a research note.