Novavax price target raised to $7 from $6 at BofA

BofA raised the firm’s price target on Novavax (NVAX) to $7 from $6 and keeps an Underperform rating on the shares after the company announced a non-exclusive license agreement with Pfizer (PFE) for use of Matrix-M adjuvant in vaccine products in up to two infectious disease fields. While the firm thinks the agreement is a positive sign for interest in the technology and the upfront cash is a plus, it sees the cadence of development as an outstanding question and reiterates an Underperform rating as it awaits greater clarity on the expected development timing for assets from licensing agreements, the analyst tells investors.