Novavax initiated with an Overweight at Cantor Fitzgerald

Cantor Fitzgerald initiated coverage of Novavax (NVAX) with an Overweight rating and $18 price target Novavax, known for developing Nuvaxovid, a protein-based COVID-19 vaccine with Matrix-M approved in multiple geographies and the only protein-based COVID-19 vaccine available in the U.S., has shifted from a commercial model to a licensing model and seeks partnerships around novel vaccine candidates and the Matrix-M technology to generate significant upfront payments, milestones, royalties, and revenue, the analyst tells investors.