Novavax upgraded to sector perform

RBC Capital Markets analyst Ken Trbovich upgraded Novavax Inc. to sector perform, speculative risk, from underperform on weaker-than-expected second-quarter results due to negative manufacturing margins and higher research and development expenses. Management indicated that idle manufacturing costs and negative gross margin cannot be eliminated until sales of Estrasorb reach $15 million to $20 million annually. According to the analyst, annual sales of Estrasorb are in the range of $2 million to $3 million. Shares of the Malvern, Pa.-based biopharmaceutical company were up 37 cents, or 13.03%, at $3.21, on volume of 1,885,010 shares versus the three-month running average of 2,271,650 shares. (Nasdaq: NVAX)

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