Why Novavax Stock Dived by Over 7% Today
Novavax (NASDAQ: NVAX) saw its shares wilt on Wednesday, due in no small part to a fairly deep price-target cut from an analyst. When the smoke cleared, the biotech's stock fell more than 7% in price on the day.
That morning, B. Riley prognosticator Mayank Mamtani took a big pair of scissors to his Novavax price target. The analyst now believes the company is worth $265 per share, down quite some distance from the previous $315. Despite that big change, Mamtani still rates the stock a buy.
Mamtani's adjustment comes mere days before Novavax is slated to unveil its Q4 earnings. In a new research note, he expressed concern about "choppiness" to existing estimates. The company is rolling out its NVX-CoV2373 coronavirus vaccine -- also known as Nuvaxovid -- to different jurisdictions in which it's been either authorized or approved.
Source Fool.com
