(NASDAQ: NVAX) took a turn in the investor spotlight in early May, when the vaccine specialist announced -- on the same day it unveiled its first-quarter results -- a collaboration deal with Sanofi.

Understandably, Novavax's share price leaped on news of the potentially lucrative deal with the global pharmaceutical sector company. This has left the stock fairly valued, in the opinion of one analyst tracking the company. He's got a point, I believe.

TD Cowen's Brendan Smith doubled his price target on Novavax following those two pieces of news. He now feels it's worth $10 per share, exactly double his previous fair value estimation.

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Source Fool.com