Novavax (NVAX) shares are soaring 5.06% in Tuesday's intraday trading session, defying a price target reduction from B. Riley. The biopharmaceutical company's stock is showing resilience in the face of adjusted analyst expectations, suggesting investors remain optimistic about its prospects.

B. Riley, a prominent financial services firm, has lowered its price target for Novavax from $18 to $16. However, the firm has maintained its Buy rating on the stock, indicating continued confidence in Novavax's potential. This new target price, while reduced, still represents significant upside potential from current trading levels, which may be fueling investor enthusiasm.

The market's positive reaction, despite the lowered price target, could be attributed to several factors. Investors might be focusing on the maintained Buy rating, which suggests that B. Riley still sees strong growth potential for Novavax. Additionally, the average rating for Novavax among analysts polled by FactSet remains "overweight," with a mean price target of $13.62. This broader consensus, combined with B. Riley's higher target, may be reinforcing bullish sentiment among traders and driving the stock's impressive intraday gains.