Bank of New York Mellon Corp Makes New $8 Million Investment in Novavax, Inc. $NVAX

Key Points

• Bank of New York Mellon acquired 849,718 Novavax shares worth approximately $8 million during the second quarter, giving it a 0.52% stake. Institutional investors and hedge funds collectively own 53.04% of NVAX.
• Novavax reported quarterly adjusted losses of $0.32 per share, beating expectations, while revenue of $56.7 million also exceeded forecasts. However, revenue fell 76.2% year over year and the company remained unprofitable.
• Analyst sentiment is mixed, with Novavax holding an overall “Hold” rating and an average price target of $14, compared with a recent share price of $10.34.

Bank of New York Mellon Corp purchased a new stake in shares of Novavax, Inc. (NASDAQ:NVAX - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 849,718 shares of the biopharmaceutical company's stock, valued at approximately $8,004,000. Bank of New York Mellon Corp owned 0.52% of Novavax at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the company. State Street Corp lifted its stake in Novavax by 32.3% in the 4th quarter. State Street Corp now owns 9,523,646 shares of the biopharmaceutical company's stock worth $63,999,000 after acquiring an additional 2,326,927 shares in the last quarter. UBS Group AG lifted its position in shares of Novavax by 40.3% in the fourth quarter. UBS Group AG now owns 4,894,284 shares of the biopharmaceutical company's stock worth $32,890,000 after purchasing an additional 1,405,981 shares in the last quarter. Monaco Asset Management SAM boosted its holdings in shares of Novavax by 161.3% during the fourth quarter. Monaco Asset Management SAM now owns 1,045,000 shares of the biopharmaceutical company's stock worth $7,022,000 after purchasing an additional 645,000 shares during the period. Barclays PLC boosted its holdings in shares of Novavax by 108.8% during the fourth quarter. Barclays PLC now owns 1,102,300 shares of the biopharmaceutical company's stock worth $7,407,000 after purchasing an additional 574,263 shares during the period. Finally, Edgestream Partners L.P. acquired a new stake in shares of Novavax during the first quarter worth approximately $4,234,000. Institutional investors and hedge funds own 53.04% of the company's stock.

Novavax Stock Performance

Shares of NASDAQ NVAX opened at $10.34 on Friday. The firm has a market cap of $1.71 billion, a price-to-earnings ratio of -6.80 and a beta of 2.45. The business's 50-day simple moving average is $8.57 and its 200-day simple moving average is $8.98. Novavax, Inc. has a 52 week low of $6.20 and a 52 week high of $11.97.

Novavax (NASDAQ:NVAX - Get Free Report) last posted its earnings results on Thursday, August 6th. The biopharmaceutical company reported ($0.32) earnings per share for the quarter, topping the consensus estimate of ($0.38) by $0.06. The firm had revenue of $56.70 million during the quarter, compared to analyst estimates of $52.51 million. Novavax had a negative return on equity of 14.82% and a negative net margin of 59.87%.The company's revenue for the quarter was down 76.2% on a year-over-year basis. During the same period in the previous year, the company earned $0.62 EPS. As a group, equities research analysts forecast that Novavax, Inc. will post -0.47 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms have weighed in on NVAX. BTIG Research reiterated a "buy" rating and issued a $19.00 price objective on shares of Novavax in a research note on Thursday, June 11th. Zacks Research cut shares of Novavax from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 6th. Weiss Ratings reiterated a "sell (d)" rating on shares of Novavax in a report on Tuesday, August 4th. Finally, Wall Street Zen downgraded Novavax from a "hold" rating to a "sell" rating in a research note on Saturday, August 1st. Five research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $14.00.

Novavax 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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