Novavax ‘s stock dropped Friday after it received a Sell-equivalent rating.

Bank of America Securities analyst Alec Stranahan initiated coverage of Novavax (ticker: NVAX ) at an Underperform rating on Friday, with a $35 price target. The stock was down 5% to $55.50 on Friday, a far cry from its September 2021 highs, when it traded at around $270.

Despite the pullback, Stranahan sees room for the shares to trade lower still.

Novavax’s vaccine faces stiff competition from Pfizer, and Moderna, in a market with decreasing demand for booster use due to diminishing concern over the COVID pandemic, and there is no pressing benefit to their vaccine over others. In addition their development pipeline is light, and their flu vaccine has little benefit over other more established products.