Lazard hikes Novavax's PT; shares soar

|By:, SA News Editor

Lazard ups its price target on Novavax (NVAX) to $11 from $4, saying its vaccine for respiratory syncytial virus (RSV) is its most under appreciated asset.

Novavax shares +16.7% to $2.93.

"Notwithstanding the clinical and commercial success (~$1B in 2012), Synagis' indicated use may be narrower than Novavax's vaccine," says Lazard. Synagis is made by MedImmune.

Respiratory syncytial virus is a common, seasonal, and easily spread virus, characterized by runny noses, coughing, sneezing and fever. However, it can lead to severe lung disease in infants.