TD Cowen lowered the firm’s price target on Novavax (NVAX) to $8 from $9 and keeps a Hold rating on the shares. The firm updated the company’s model post the Q2 results to reflect a 49% decrease in the number of U.S. adults eligible for COVID-19 boosters under a risk-based FDA label. TD believes positive results from Novavax’s recently initiated Phase 4 Nuvaxovid efficacy trial could bring share uipside.
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