CureVac (NASDAQ:CVAC) Posts Earnings Results, Misses Expectations By $0.15 EPS

Key Points

• CureVac reported a loss of ($0.30) EPS for the quarter, missing expectations of ($0.15) by fifteen cents.
• The company generated $1.41 million in revenue, significantly below the anticipated $4.27 million.
• Following the earnings report, CureVac's stock received multiple downgrades, with analysts adjusting target prices, indicating a generally cautious outlook.

CureVac (NASDAQ:CVAC - Get Free Report) posted its quarterly earnings results on Thursday. The company reported ($0.30) EPS for the quarter, missing analysts' consensus estimates of ($0.15) by ($0.15), Zacks reports. The firm had revenue of $1.41 million for the quarter, compared to analysts' expectations of $4.27 million. CureVac had a net margin of 38.21% and a return on equity of 29.57%.

CureVac Stock Down 0.2%

NASDAQ CVAC opened at $5.45 on Thursday. CureVac has a 52 week low of $2.37 and a 52 week high of $5.72. The company has a quick ratio of 7.64, a current ratio of 6.17 and a debt-to-equity ratio of 0.05. The company has a market capitalization of $1.22 billion, a P/E ratio of 5.68 and a beta of 2.53. The stock's 50-day moving average price is $5.45 and its 200-day moving average price is $4.12.

Analyst Ratings Changes

CVAC has been the subject of a number of research analyst reports. Citigroup lowered CureVac to a "market perform" rating in a report on Thursday, June 12th. Jefferies Financial Group restated a "hold" rating and set a $5.00 target price (down previously from $7.00) on shares of CureVac in a research note on Friday, June 13th. Citizens Jmp lowered shares of CureVac from a "strong-buy" rating to a "hold" rating in a research note on Thursday, June 12th. UBS Group downgraded shares of CureVac from a "strong-buy" rating to a "neutral" rating and lowered their price objective for the company from $12.00 to $5.50 in a research report on Thursday, June 26th. Finally, JMP Securities restated a "market outperform" rating and issued a $10.00 price target on shares of CureVac in a research note on Wednesday, May 28th. One investment analyst has rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, CureVac currently has an average rating of "Hold" and an average target price of $6.83.

Institutional Investors Weigh In On CureVac

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CVAC. Millennium Management LLC lifted its holdings in CureVac by 10.3% during the first quarter. Millennium Management LLC now owns 1,816,984 shares of the company's stock valued at $5,033,000 after purchasing an additional 169,947 shares in the last quarter. Qube Research & Technologies Ltd bought a new stake in shares of CureVac during the 2nd quarter valued at $6,419,000. Water Island Capital LLC purchased a new position in shares of CureVac during the 2nd quarter valued at $5,197,000. JPMorgan Chase & Co. purchased a new position in shares of CureVac during the 2nd quarter valued at $1,705,000. Finally, BNP Paribas Financial Markets boosted its holdings in CureVac by 12.9% in the 2nd quarter. BNP Paribas Financial Markets now owns 253,462 shares of the company's stock worth $1,376,000 after buying an additional 28,939 shares during the period. 17.26% of the stock is owned by hedge funds and other institutional investors.

CureVac Company Profile

CureVac N.V., a biopharmaceutical company, focuses on developing various transformative medicines based on messenger ribonucleic acid (mRNA). It is developing prophylactic vaccines, such as mRNA-based vaccine candidates CV2CoV, which is in Phase 1 clinical trial against SARS-CoV-2; CV7202 which is in Phase 1 clinical trial for the treatment of rabies; and CVSQIV to treat multivalent seasonal influenza; Flu SV mRNA fot treating nucleotides, single antigen seasonal influenza.

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