Novavax, Inc. Jumps 7% Amid JP Morgan Initiation

JP Morgan initiated coverage on Novavax, Inc. (NASDAQ: NVAX) with an Overweight rating and $7 price target.

Analyst Cory Kasimov noted that he is "impressed by the potential of the company’s proprietary recombinant nanoparticle vaccine technology" and he believed that "the platform has been validated by clinical data."

According to the company, Novavax has created a portfolio of "novel vaccines that represent important advances over existing vaccines or that address currently unmet medical needs, to prevent human infectious diseases."

Among the vaccine portfolio is an H7N9 Avian Influenza VLP vaccine, which recently showed positive results in clinical trials.

Novavax, Inc. recently traded at $4.50, up 7.13 percent.