Novavax, Inc. $NVAX Position Cut by Northern Trust Corp

Key Points

• Northern Trust Corp reduced its stake in Novavax, Inc. by 3.3%, selling 48,282 shares, and now holds about 0.87% of the company, valued at approximately $8.996 million.
• Several institutional investors have increased their stakes in Novavax, including Sanofi, which purchased a new position worth $55.3 million.
• Novavax reported a quarterly earnings surprise with an EPS of $0.62, beating estimates and generating $239.24 million in revenue, despite a 42.4% decline year-over-year.

Northern Trust Corp lowered its position in shares of Novavax, Inc. (NASDAQ:NVAX - Free Report) by 3.3% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,403,433 shares of the biopharmaceutical company's stock after selling 48,282 shares during the period. Northern Trust Corp owned approximately 0.87% of Novavax worth $8,996,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the company. Algert Global LLC purchased a new stake in shares of Novavax during the first quarter valued at approximately $107,000. Fox Run Management L.L.C. acquired a new stake in shares of Novavax during the first quarter worth approximately $479,000. Nuveen LLC acquired a new stake in shares of Novavax during the first quarter worth approximately $2,517,000. Entropy Technologies LP acquired a new stake in shares of Novavax during the first quarter worth approximately $191,000. Finally, Invesco Ltd. grew its position in shares of Novavax by 84.0% during the first quarter. Invesco Ltd. now owns 284,122 shares of the biopharmaceutical company's stock worth $1,821,000 after buying an additional 129,697 shares in the last quarter. Hedge funds and other institutional investors own 53.04% of the company's stock.

Novavax Stock Performance

Novavax stock traded up $0.32 during mid-day trading on Thursday, reaching $8.28. The company's stock had a trading volume of 4,213,742 shares, compared to its average volume of 6,980,990. The firm has a market cap of $1.34 billion, a price-to-earnings ratio of 3.63, a PEG ratio of 0.10 and a beta of 2.68. The business has a 50 day moving average price of $7.63 and a 200-day moving average price of $7.16. The company has a current ratio of 2.36, a quick ratio of 2.34 and a debt-to-equity ratio of 5.93. Novavax, Inc. has a twelve month low of $5.01 and a twelve month high of $15.22.

Novavax (NASDAQ:NVAX - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The biopharmaceutical company reported $0.62 EPS for the quarter, topping analysts' consensus estimates of ($0.07) by $0.69. The firm had revenue of $239.24 million during the quarter, compared to the consensus estimate of $149.19 million. Novavax had a net margin of 39.20% and a negative return on equity of 142.33%. The firm's revenue was down 42.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.99 earnings per share. Sell-side analysts predict that Novavax, Inc. will post -1.46 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. B. Riley reissued a "buy" rating on shares of Novavax in a research report on Monday, May 19th. Bank of America reissued an "underperform" rating and set a $7.00 price target (down previously from $9.00) on shares of Novavax in a research report on Wednesday, August 20th. HC Wainwright assumed coverage on shares of Novavax in a research report on Thursday, August 28th. They set a "buy" rating and a $10.00 price target for the company. Finally, Citigroup assumed coverage on shares of Novavax in a research report on Tuesday, June 17th. They set a "sell" rating and a $6.00 price target for the company. Four equities research 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's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $14.29.

Novavax Profile

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.