HC Wainwright says safety concerns were noted for Novavax Inc's (NASDAQ: NVAX) COVID-19 vaccine, but the strength of data showed that benefit outweighs risks.
With a 21-0 vote (one abstention) for Emergency Use Authorization (EUA), moved the first traditional, protein-based COVID-19 vaccine closer to becoming available in the U.S.
HC Wainwright believes six cases of heart inflammation observed in clinical studies are notable. The VRBPAC did not conclude that it was a risk that outweighed the benefits.
As experience with the shot is limited, long-term safety remains to be established, and the analysts acknowledge that a causal relationship between myocarditis/pericarditis and vaccination needs further study.
Also Read: Why This Novavax Analyst Remains Bearish After COVID Vaccine Panel Vote.
Incidences of myocarditis/pericarditis ranging as high as 97.3 per million doses administered have been observed by the CDC for currently authorized COVID-19 vaccines from Pfizer Inc (NYSE: PFE) / BioNTech SE (NASDAQ: BNTX) and Moderna Inc (NASDAQ: MRNA).
"We believe the option to have a vaccine available that does not use messenger RNA (mRNA) technology is underappreciated," the analysts write.
It reaffirms projections of $4.4 billion and $5.8 billion in global sales in 2022 and 2023, respectively, and reiterates a Buy rating and a price target of $207.
Price Action: NVAX shares are up 8.25% at $51.46 during the market session on the last check Wednesday.
Photo by hakan german from Pixabay
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