NVAX tgt raised to $9.50 from $8.50 at MLV & Co following presentation of clinical development path for Flu and RSV vaccines
25-Sep-13 13:16 ET
Novavax tgt raised to $9.50 from $8.50 at MLV & Co following presentation of clinical development path for Flu and RSV vaccines (3.22 +0.01)
MLV & Co raises their NVAX tgt to $9.50 from $8.50 following co's first ever analyst and investor update call. As firm expected, co outlined a clear clinical and regulatory pathway forward for its RSV vaccine candidate, and guided to initiation of multiple trials for its seasonal and pandemic influenza vaccine candidates in 2014. Firm expects co to begin 7 Phase I or II and one pivotal Phase III trial before the end of 2014, and it projects that top line results of 4 of 6 Phase II trials will be announced in that time period. With positive results earlier this year and a defined clinical path forward, firm now includes co's RSV nanoparticle vaccine in its valuation.
George Zavoico and MLV are pi$$ed that NVAX took their business to Lazard. I will almost guarantee they were already counting their commissions for the all the shares approved at the annual meeting minus those held in reserve for stock options and Isconova acquisition. I'm sure they viewed them as a done deal through the ATM sales.
They probably had to bump it a bit but figure NVAX didn't pay for a more generous target number.