Bank of America Reiterates Underperform Rating for Novavax (NASDAQ:NVAX)

Key Points

• Bank of America has reiterated its "underperform" rating for Novavax (NASDAQ: NVAX), with a price target of $7.00, indicating a potential downside of 26.47%.
• Novavax reported a revenue of $239.24 million for the last quarter, significantly surpassing analyst estimates of $149.19 million, despite a 42.4% year-over-year revenue decline.
• Analyst ratings for Novavax reveal mixed sentiment, with four analysts rating it as a buy, one as a hold, and three assigning a sell rating, leading to a consensus rating of "hold" and an average target price of $15.57.

Novavax (NASDAQ:NVAX - Get Free Report)'s stock had its "underperform" rating reiterated by research analysts at Bank of America in a research report issued to clients and investors on Wednesday. They presently have a $7.00 price target on the biopharmaceutical company's stock. Bank of America's price target would indicate a potential downside of 26.47% from the company's previous close.

A number of other research analysts have also commented on NVAX. Citigroup assumed coverage on Novavax in a research report on Tuesday, June 17th. They set a "sell" rating and a $6.00 price target for the company. B. Riley reaffirmed a "buy" rating on shares of Novavax in a research report on Monday, May 19th. Finally, JPMorgan Chase & Co. lowered their price target on Novavax from $9.00 to $7.00 and set an "underweight" rating for the company in a research report on Friday, May 9th. Four investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $15.57.

Novavax Trading Down 2.0%

NASDAQ NVAX opened at $9.52 on Wednesday. Novavax has a 1-year low of $5.01 and a 1-year high of $15.22. The company has a current ratio of 2.36, a quick ratio of 2.34 and a debt-to-equity ratio of 5.93. The stock has a 50-day moving average of $7.24 and a 200-day moving average of $7.19. The firm has a market cap of $1.55 billion, a PE ratio of 4.18, a price-to-earnings-growth ratio of 0.11 and a beta of 2.50.

Novavax (NASDAQ:NVAX - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The biopharmaceutical company reported $0.62 EPS for the quarter, beating analysts' consensus estimates of ($0.07) by $0.69. The business had revenue of $239.24 million during the quarter, compared to analyst estimates of $149.19 million. Novavax had a negative return on equity of 142.33% and a net margin of 39.20%.Novavax's quarterly revenue was down 42.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.99 EPS. As a group, sell-side analysts forecast that Novavax will post -1.46 EPS for the current year.

Institutional Trading of Novavax

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. The Manufacturers Life Insurance Company lifted its position in Novavax by 2.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 78,048 shares of the biopharmaceutical company's stock valued at $492,000 after acquiring an additional 1,718 shares in the last quarter. SBI Securities Co. Ltd. lifted its position in Novavax by 5.5% in the 2nd quarter. SBI Securities Co. Ltd. now owns 34,095 shares of the biopharmaceutical company's stock valued at $215,000 after acquiring an additional 1,766 shares in the last quarter. Summit Investment Advisors Inc. lifted its position in Novavax by 16.5% in the 4th quarter. Summit Investment Advisors Inc. now owns 16,126 shares of the biopharmaceutical company's stock valued at $130,000 after acquiring an additional 2,287 shares in the last quarter. E Fund Management Co. Ltd. lifted its position in Novavax by 9.0% in the 2nd quarter. E Fund Management Co. Ltd. now owns 28,280 shares of the biopharmaceutical company's stock valued at $178,000 after acquiring an additional 2,326 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Novavax by 2.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 104,562 shares of the biopharmaceutical company's stock valued at $678,000 after acquiring an additional 2,750 shares in the last quarter. Hedge funds and other institutional investors own 53.04% of the company's stock.

About Novavax

Novavax, Inc, a biotechnology company, that promotes improved health by discovering, developing, and commercializing vaccines to protect against serious infectious diseases. It offers vaccine platform that combines a recombinant protein approach, nanoparticle technology, and its patented Matrix-M adjuvant to enhance the immune response.

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