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Oppenheimer initiated coverage on Vaxart Inc. (NASDAQ:VXRT), an American biotechnology company focused on the discovery, development, and commercialization of oral recombinant vaccines.
The analyst’s bullish view is centered around optimism associated with attractive opportunities for Vaxart’s ‘differentiated’ oral vaccine platform and key programs, such as the norovirus vaccine and COVID-19 vaccine.
Oppenheimer initiated with an Outperform rating and a price target of $4, representing significant potential upside.
“VXRT is uniquely positioned as a leading company developing oral vaccines against COVID-19, supported by one of the largest BARDA-funded Project NextGen Awards,” the analyst writes.
“We think oral vaccines hold unique properties that may complement intramuscular vaccines to fulfill global healthcare promise,” the analyst adds.
Also Read: Vaxart Bags $453M Worth BARDA-Funded Project, Seeks To Raise $40M Via Equity Offering.
Although norovirus poses significant global health and economic challenges, there is currently no approved vaccine.
With an estimated market potential of $5 billion-10 billion due to the unmet need, a norovirus vaccine could follow a path similar to RSV vaccines that have gained ACIP recommendations.
Vaxart is developing a VP-1-based bivalent oral vaccine for norovirus. Oppenheimer sees strong potential in this area, citing the lack of approved vaccines despite the virus’s significant health and economic impact.
The analyst suggests that Vaxart’s oral tablet could offer better immunity than traditional intramuscular vaccines, which have faced challenges. They also view Vaxart as a leader in norovirus vaccine development, positioning it for potential commercial success.
Price Action: VXRT stock is up 21% at $0.715 at the last check on Thursday.
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