Novavax (NASDAQ:NVAX) shares climbed 15% Wednesday after Jefferies released a bullish note on the company’s prospects after meeting with management. Jefferies said Novavax was ramping up Covid-19 vaccine U.S. sales and was on track to meet revenue guidance for the ‘24/’25 season that “appears to be in line with ‘23/’24.” It added that the company expects the majority of ‘24/’25 season sales will be in Q4. “For the long term, the company is transitioning to an R&D model, with Phase 3 flu +/- CV19 as the lead that could trigger a major partnership in ’25 and new non-seasonal vaccines based on unique adjuvant technology as an earlier pipeline that would drive significant future growth,” Jefferies added. NVAX has been trading near a red resistance line, and has managed to flip this red line from resistance into support. I have $17.85 and $23.86 as short term resistance targets, and $38.26 as a longer term target.

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