@EdwardHughes：
Novavax stunned the market with a Q2 earnings release that underperformed significantly. It also markedly downgraded its FY22 revenue guidance, given waning demand and oversupply of COVID vaccines. However, we believe the de-risking in its revenue guidance for Novavax is constructive, lowering the market's expectations. Therefore, we are confident that it should help Novavax outperform in H2'22. The steep sell-off forced NVAX close to its June lows, which was held resiliently. With the recovery in market sentiments for biotech stocks, we are confident its lows should hold. Therefore, we revise our rating from Sell to Speculative Buy, with a price target of $60.
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