Novavax falls after J.P. Morgan downgrades to 'underweight'
Updates
** Shares of vaccine maker Novavax NVAX.O fell as much as 34.2% to hit a two-month low of $11.63 ** Stock was last down 26% and was on track for its biggest daily drop in five months
** J.P. Morgan downgrades stock to "underweight" from "neutral", sets PT of $8
** Levels after the Sanofi SASY.PA deal are unsupported by moderate forecast for COVID-influenza combo and COVID vaccines - brokerage
** Brokerage sees COVID vaccine demand ultimately being fractional to that of flu
** Sees standalone COVID-19 vaccine demand reducing to about20% to25% of flu demand
** Forecasts COVID shot and combination vaccine peak sales opportunities of $1 bln and $1.5 bln, respectively
** Adds there is little in the way of a foreseeably value accretive proprietary pipeline for NVAX
** Analysts on average expect company's2024 revenue to be $969.68 mln, according to LSEG estimates
** Up to last close, NVAX shares had risen ~267% since the company stuck a licensing deal worth at least $1.2 bln with Sanofi in May
Reporting by Sriparna Roy and Johann Cherian in Bengaluru
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