Biotech company (NASDAQ: NVAX) has fallen from grace over the past year, with the vaccine maker's shares dropping by 84% over the trailing-12-month period. But Wall Street hasn't given up on the company just yet. Novavax currently has an average price target of $22, according to Yahoo! Finance.

That's nearly 3 times Novavax's share price of $7.60 as of this writing. If Novavax can reach this target within the next year, purchasing its shares now would obviously be a great move. But can the company pull it off?

Once a promising candidate in the race to develop and market a coronavirus vaccine, Novavax's plans didn't go as expected. For one, Novavax was late to the party. Its vaccine, Nuvaxovid, only earned authorization in the U.S. in mid-2022. By then, the likes of Moderna and the team of Pfizer and BioNTech already dominated the market.

Continue reading

Source Fool.com