Why Novavax Stock Jumped Today
Shares of Novavax (NASDAQ: NVAX) rose sharply on Thursday, ending the day up by 8.5% after the company received a couple of nods of approval from Wall Street analysts.
Novavax has been on a tear all year long thanks to its efforts to develop a coronavirus vaccine. And with the company recently joining the government's Operation Warp Speed, many consider the biotech one of the front-runners in the hunt for a vaccine. As a result of these factors, B. Riley FBR analyst Mayank Mamtani reiterated a buy rating on Novavax's stock and raised his price target to $155, from $106. The analyst believes Novavax is "likely to emerge as strongest among peers."
Elsewhere, H.C. Wainwright analyst Vernon Bernardino also raised his price target for Novavax to $132 (up from $101) and reiterated a buy rating. The analyst believes that the market for a COVID-19 vaccine could reach a peak of $10 billion by 2023, and he thinks Novavax could grab a 10% share of this market.
Source Fool.com
