CureVac (NASDAQ:CVAC) Posts Earnings Results, Misses Estimates 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) earnings per share for the quarter, missing the consensus estimate of ($0.15) by ($0.15), Zacks reports. The business had revenue of $1.41 million during the quarter, compared to analysts' expectations of $4.27 million. CureVac had a return on equity of 29.57% and a net margin of 38.21%.

CureVac Trading Up 0.1%

Shares of CVAC traded up $0.01 during trading on Tuesday, reaching $5.41. 351,280 shares of the company traded hands, compared to its average volume of 943,666. CureVac has a twelve month low of $2.37 and a twelve month high of $5.72. The stock has a market cap of $1.21 billion, a PE ratio of 5.63 and a beta of 2.53. The stock has a 50-day simple moving average of $5.44 and a 200-day simple moving average of $4.17. The company has a quick ratio of 6.16, a current ratio of 6.17 and a debt-to-equity ratio of 0.05.

Institutional Investors Weigh In On CureVac

A number of institutional investors have recently made changes to their positions in the stock. Headlands Technologies LLC acquired a new stake in shares of CureVac during the second quarter valued at about $35,000. Water Island Capital LLC acquired a new stake in shares of CureVac during the second quarter valued at about $5,197,000. BNP Paribas Financial Markets increased its position in shares of CureVac by 12.9% during the second quarter. BNP Paribas Financial Markets now owns 253,462 shares of the company's stock valued at $1,376,000 after acquiring an additional 28,939 shares during the last quarter. Bank of America Corp DE grew its holdings in shares of CureVac by 1,056.0% in the second quarter. Bank of America Corp DE now owns 95,470 shares of the company's stock valued at $518,000 after purchasing an additional 87,211 shares in the last quarter. Finally, AQR Arbitrage LLC acquired a new position in shares of CureVac in the second quarter valued at approximately $240,000. 17.26% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have recently weighed in on CVAC. Citizens Jmp downgraded 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 decreased their price target for the stock from $12.00 to $5.50 in a research note on Thursday, June 26th. Jefferies Financial Group reissued a "hold" rating and issued a $5.00 price target (down from $7.00) on shares of CureVac in a research note on Friday, June 13th. Citigroup cut shares of CureVac to a "market perform" rating in a research report on Thursday, June 12th. Finally, JMP Securities restated a "market outperform" rating and set a $10.00 price objective on shares of CureVac in a research report on Wednesday, May 28th. One equities research analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, CureVac has an average rating of "Hold" and an average target price of $6.83.

About CureVac

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.