Novavax (NVAX) PT Raised to $17 at Piper Jaffray Following Positive Phase II Elderly RSV Data

Piper Jaffray analyst Edward Tenthoff reiterated an Overweight rating and raised his price target on Novavax (NASDAQ: NVAX) to $17.00 (from $15.00) following positive top-line Phase II RSV-F vaccine data in elderly subjects showing significant reductions in symptomatic RSV disease by -44%, lower respiratory tract infections by -46% and "more severe illnesses" by -64%.

Tenthoff commented, "Importantly, the vaccine's safety profile closely matched placebo. The impressive efficacy and safety shown in frailer elderly subjects gives us confidence about the vaccine's performance in healthier subjects, particularly in the upcoming 3Q:15 data readout in pregnant women. Novavax will move quickly to hold an end of Phase II meeting with the FDA and may be able to begin a Phase III trial in elderly subjects by YE:15, which would produce pivotal data by YE:16. Novavax ended 2Q:15 with $315 million in cash. We reiterate our Overweight rating and increase our price target to $17 from $15."

For an analyst ratings summary and ratings history on Novavax click here. For more ratings news on Novavax click here.

Shares of Novavax closed at $11.19 yesterday.

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