H.C. Wainwright analyst Vernon Bernardino raised the firm's price target on Novavax (NVAX) to $290 from $132 and keeps a Buy rating on the shares.

The stock closed Wednesday up $16.32 to $173.49. NVX-CoV2373's "strong" Phase 1 results make the potential COVID-19 vaccine "hard to ignore," Bernardino tells investors in a research note. The analyst believes NVX-CoV2373 "demonstrated very competitive efficacy."

If NVX-CoV2373's safety and efficacy in Phase 1 testing continue to be demonstrated in Phase 2 and 3, the vaccine could emerge as a leading option against the spread of SARSCoV- 2 and should see broad adoption, "which would be highly lucrative for Novavax," says Bernardino.

The analyst looks for the company to become a "major player" in vaccine development in the near future and reiterates his "Top Pick" view on the shares.