NVAX - Novavax falls as Bank of America issues its only sell-equivalent rating

Novavax (NASDAQ:NVAX) is trading sharply lower in the morning hours Friday after Bank of America initiated its coverage, issuing the COVID-19 vaccine maker its only Sell equivalent rating on Wall Street. BofA analyst Alec W. Stranahan points out that Novavax (NVAX) has lost 59% in the year so far, compared to ~22% decline in the Nasdaq Biotechnology Index (IBB) as expectations for COVID-19 and seasonal flu fell amid sector weakness. Issuing an Underperform rating, he argues that the stock has further room to trade lower despite recent pullback. The firm’s sales projections for the company’s COVID-19 vaccine stand below the consensus, given the bearish outlook on continued booster use, uncertain benefits as a differentiated option and a drop in immunity against new variants such as Omicron. Amid rising competition and stronger data emerging from competitors, the analyst questions the approvability of the Novavax's (NVAX) flu, RSV, and malaria candidates, which

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Novavax falls as Bank of America issues its only sell-equivalent rating