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Novavax shares (NVAX) increased by 26% over the following week. The upward trend is a one-month respite that has returned 50% of the 2020 profits to the market. However, long-term investors are not too concerned, the specialist vaccine continues to rise by 2918% by 2020.
Mayank Mamtani, B Riley FBR’s longtime bullish, expects the bullish impulse to continue as the analyst believes Novavax’s latest news is the bullish indicator.
On Tuesday, Novavax announced that it had signed an agreement that will particularly increase the production capacity of its COVID-19 candidate vaccine, NVX-CoV2373.
The expanded agreement with the Serum Institute of India Private Limited (SIIPL) will allow Novavax to produce 2 billion doses of its vaccine annually, doubling its previous capacity. For Mamtani, the new deal gives greater popularity to NVX-CoV2373.
The 5-star analyst said: “Beyond expanding production capacity, this also serves as incremental validation for the most productive prospect of 2373 to have significant resources committed ‘at risk’ through SIIPL, the world’s largest vaccine manufacturer through a series of doses. . . Moreover, this differs from the comparable 6/4 agreement with AZ, in terms of SIIPL it has the skin in the game in the way of owning exclusive marketing rights in India and non-exclusive marketing rights in another source of low median income. countries (PRFI). “
The latest addition will be included in a list of five other production partners “focused on the production of antigenic components”. These come with FUJIFILM Diosynth Biotechnologies (FDB) in North Carolina and Texas, and in the UK, SK Bioscience in the Republic of Korea, Takeda Pharmaceutical Company in Japan and Biofabri in Spain.
Earlier this year, Novavax acquired Praha Vaccines, taking on the Czech company’s 150,000-square-foot production facility to boost production of its COVID-19 candidate vaccine.
NVX-CoV2373 is recently undergoing Phase 2 studies. Within a few weeks, biotech plans to launch Phase 3 trials.
In general, Mamtani values NVAX as an acquisition with a value target of $257. Investors expect a 114% profit, if Mamtani’s forecasts materialize in the coming months (to see Mamtani’s review, click here).
Most analysts agree. Based on four purchases and 1 sale, NVAX has a moderate buy consensus rating. The median value target is $ 227. 60 and suggests an 89% increase in the next year (see Novavax inventory research on TipRanks).
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Disclaimer: The reviews expressed in this article are only those of the analyst presented. The content is intended for use for data purposes only. It is very important to do your own research before making any investment.