Novavax (NVAX +8.3%) is up sharply in morning trading.
Helping the cause is FBR's William Tanner, who calls the company "one of the mos compelling small-cap vaccine plays in the biopharma sector by virtue of the vaccine for preventing RSV infection."
Although Tanner thinks absence of visibility into stockpiling plans makes it "difficult to ascribe much value" to NVAX's pandemic vaccine programs, he says that "if safe and effective, the [RSV] vaccine could have broad utility for preventing infection in pregnant women, neonates (by virtue of maternal vaccination), infants, and young children and the elderly."
Shares initiated at Outperform.
Price target is $11, representing upside of around 280% from Tuesday's close.