Vaxart price target lowered to $2 from $2.50 at B. Riley

B. Riley analyst Mayank Mamtani lowered the firm’s price target on Vaxart (VXRT) to $2 from $2.50 and keeps a Buy rating on the shares. The Q4 update reaffirmed the mid-2025 top-line data readout timeline for recently initiated ongoing Phase I second generation norovirus program first-in-human study aimed at generating head-to-head superiority over a prior first generation candidate, the analyst tells investors in a research note. The February 21 stop work order issued to BARDA-funded COVID Phase IIb trial results in transitory uncertainty, and somewhat contributes to company’s updated cash runway guidance to 4Q25, despite management implementing restructuring plan resulting in a 10% workforce reduction, the firm says.