Novavax falls after J.P. Morgan downgrades to 'underweight'
Updates
** Shares of vaccine maker Novavax NVAX.O fall 8.16% to $15.08 premarket
** J.P. Morgan downgrades to "underweight" from "neutral", sets PT of $8
** Says levels after the Sanofi SASY.PA deal is unsupported by moderate forecast for COVID-influenza combo and COVID vaccines
** Up to last close, NVAX shares had risen ~267% since the company stuck a licensing deal worth at least $1.2 billion with Sanofi
** Brokerage sees COVID vaccine demand ultimately being fractional to that of flu
** Sees standalone COVID-19 vaccine demand reducing to ~20%-25% of flu demand
** Forecasts COVID shot and combination vaccine peak sales opportunities of $1 billion and $1.5 billion, respectively
** Adds there is little in the way of a foreseeably value accretive proprietary pipeline for NVAX
** Analysts on average expect co's 2024 revenue to be $969.68 million, as per LSEG estimates
Reporting by Sriparna Roy in Bengaluru
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