Novavax Stock Slides As JPMorgan Cuts Price Target, Lowers Rating

Novavax Inc.  (NVAX)  shares moved sharply lower Thursday after analysts at JPMorgan lowered their rating and price target on the drugmaker following its decision to slash near-term sales forecasts.   

JPMorgan analyst Eric Joseph cut his rating on the stock to ‘underweight’, from ‘neutral’, while slashing his price target by more than $100, to $27 per share.

Last month, Novavax pruned its full-year revenue forecast and warned that it doesn’t expect to sell any more of its Covid vaccines in the United States this year following a wider-than-expected third quarter loss of $6.53 per share. 

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