Novavax stock extends plunge after J.P. Morgan turns bearish, on expectations of more guidance cuts
Shares of Novavax Inc.
slumped 7.1% in morning trading Thursday, to extend their recent plunge toward a near 2 1/2-year low, after J.P. Morgan threw in the towel on the maker of the COVID-19 vaccine Nuvaxovid, citing expectations of more cuts to revenue guidance. Analyst Eric Joseph cut his rating to underweight, after being at neutral since May 2021, and at overweight before that since August 2020. He cut his stock price target to $27 from…