Bank of America Corp DE Cuts Stock Holdings in Novavax, Inc. $NVAX

Key Points

• Bank of America reduced its Novavax stake by 19.9% in the first quarter, selling 1.65 million shares and retaining 6.64 million shares valued at approximately $54 million. Institutional investors collectively own 53.04% of the company.
• Analyst sentiment is mixed but leans toward caution: Novavax has a consensus rating of “Hold” and an average price target of $13, with five Buy, two Hold, and three Sell ratings.
• Novavax shares opened at $7.95, while the company reported a quarterly loss of $0.32 per share and revenue of $56.7 million. Revenue declined 76.2% year over year despite exceeding analysts’ estimates.

Bank of America Corp DE lowered its position in shares of Novavax, Inc. (NASDAQ:NVAX - Free Report) by 19.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,637,213 shares of the biopharmaceutical company's stock after selling 1,653,452 shares during the quarter. Bank of America Corp DE owned approximately 4.04% of Novavax worth $54,027,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Flagship Harbor Advisors LLC acquired a new stake in shares of Novavax in the fourth quarter valued at about $33,000. Quarry LP acquired a new position in Novavax during the third quarter worth about $33,000. Duncker Streett & Co. Inc. grew its stake in Novavax by 917.3% during the 1st quarter. Duncker Streett & Co. Inc. now owns 4,242 shares of the biopharmaceutical company's stock valued at $35,000 after acquiring an additional 3,825 shares in the last quarter. KBC Group NV grew its stake in Novavax by 34.9% during the 1st quarter. KBC Group NV now owns 4,746 shares of the biopharmaceutical company's stock valued at $39,000 after acquiring an additional 1,229 shares in the last quarter. Finally, State of Wyoming acquired a new stake in Novavax in the 2nd quarter valued at about $52,000. Hedge funds and other institutional investors own 53.04% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the company. Wall Street Zen lowered Novavax from a "hold" rating to a "sell" rating in a research report on Saturday, August 1st. Zacks Research lowered Novavax from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 6th. TD Cowen upped their target price on Novavax from $8.00 to $9.00 and gave the company a "hold" rating in a report on Wednesday, May 6th. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Novavax in a research note on Tuesday, August 4th. Finally, BTIG Research reiterated a "buy" rating and set a $19.00 price target on shares of Novavax in a report on Thursday, June 11th. Five research analysts have rated the stock with a Buy rating, two have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $13.00.

Novavax Stock Performance

Shares of Novavax stock opened at $7.95 on Wednesday. The firm has a market capitalization of $1.31 billion, a price-to-earnings ratio of -5.23 and a beta of 2.46. Novavax, Inc. has a fifty-two week low of $6.20 and a fifty-two week high of $11.97. The stock has a 50 day moving average of $8.63 and a 200 day moving average of $8.97.

Novavax (NASDAQ:NVAX - Get Free Report) last posted its earnings results on Thursday, August 6th. The biopharmaceutical company reported ($0.32) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.38) by $0.06. Novavax had a negative return on equity of 14.82% and a negative net margin of 59.87%.The company had revenue of $56.70 million during the quarter, compared to analysts' expectations of $52.51 million. During the same quarter last year, the firm earned $0.62 earnings per share. The firm's quarterly revenue was down 76.2% compared to the same quarter last year. Analysts forecast that Novavax, Inc. will post -0.42 EPS for the current year.

Novavax Company Profile

Novavax, Inc is a clinical-stage biotechnology company headquartered in Gaithersburg, Maryland, that specializes in the discovery, development and commercialization of next-generation vaccines to prevent serious infectious diseases. Founded in 1987, the company has built a platform based on recombinant nanoparticle technology and its proprietary Matrix-M™ adjuvant to enhance immune responses.

The company's lead product is NVX-CoV2373, a protein-based vaccine designed to elicit a robust immune response against the SARS-CoV-2 virus.

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