Novavax (NVAX) shares plummeted 5.03% in pre-market trading on Friday following a significant price target cut by JPMorgan. The healthcare company's stock faced immediate pressure after the investment bank lowered its price target on Novavax to $7 from $9, maintaining an Underweight rating on the shares.

JPMorgan's decision to reduce the price target comes despite Novavax's Q2 performance beating expectations. However, the details of the earnings beat and JPMorgan's specific concerns were not fully disclosed in the available information. The maintained Underweight rating suggests that the investment bank continues to hold a pessimistic view on Novavax's near-term prospects.

This price target reduction could signal broader concerns about Novavax's future performance and may influence other investors' perceptions of the stock. As the trading day progresses, it remains to be seen how this pre-market plunge will impact Novavax's overall performance and whether other analysts will adjust their outlooks on the company.