Why Novavax Stock Is Trading Lower Today

Novavax Inc NVAX shares are trading lower Thursday following bearish analyst coverage from JPMorgan. 

JPMorgan analyst Eric Joseph downgraded Novavax from Neutral to Underweight and lowered the price target to $27 from $132, citing headwinds for the company's COVID-19 vaccine, Nuvaxovid, which are likely to lead to further guidance cuts. 

Nuvaxovid is a protein-based vaccine engineered from the genetic sequence of the first strain of SARS-CoV-2. Nuvaxovid has received authorization for use in adults aged 18 and older from more than 40 markets, including the U.S. and from the World Health Organization.

Novavax is a clinical stage biotechnology company with a focus on delivering novel products that prevent a broad range of diseases.

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NVAX Price Action: Novavax has a 52-week high of $145.20 and a 52-week low of $25.84.

The stock was down 5.68% at $24.40 at time of publication, according to Benzinga Pro.

Photo: Jernej Furman from Flickr.