Novavax, Inc. $NVAX Stock Holdings Lessened by Shah Capital Management

Key Points

• Shah Capital Management cut its Novavax stake by 14.1% in the third quarter, selling 1.99 million shares. It still held 12.17 million shares worth approximately $131.6 million, representing 21.7% of its portfolio.
• Institutional investors own 53.04% of Novavax, with several hedge funds recently initiating or increasing positions. Analyst sentiment is mixed, resulting in a consensus “Hold” rating and an average price target of $14.
• Novavax shares rose 13.9% to $12.54, while quarterly results exceeded expectations with an adjusted loss of $0.32 per share and revenue of $56.7 million. However, revenue declined 76.2% year over year and the company remained unprofitable.

Shah Capital Management reduced its position in shares of Novavax, Inc. (NASDAQ:NVAX - Free Report) by 14.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 12,173,481 shares of the biopharmaceutical company's stock after selling 1,992,096 shares during the period. Novavax accounts for approximately 21.7% of Shah Capital Management's portfolio, making the stock its 2nd largest position. Shah Capital Management owned 7.38% of Novavax worth $131,595,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Bank of New York Mellon Corp purchased a new stake in Novavax in the 2nd quarter worth approximately $8,004,000. Edgestream Partners L.P. purchased a new position in shares of Novavax during the first quarter valued at approximately $4,234,000. Renaissance Technologies LLC bought a new position in shares of Novavax during the first quarter valued at approximately $4,049,000. First Trust Advisors LP lifted its stake in Novavax by 37.7% in the first quarter. First Trust Advisors LP now owns 409,328 shares of the biopharmaceutical company's stock worth $3,332,000 after acquiring an additional 112,009 shares during the period. Finally, Assenagon Asset Management S.A. purchased a new stake in Novavax in the first quarter worth $2,969,000. Hedge funds and other institutional investors own 53.04% of the company's stock.

Analyst Ratings Changes

Several brokerages have commented on NVAX. Weiss Ratings restated a "sell (d)" rating on shares of Novavax in a report on Tuesday, August 4th. BTIG Research reaffirmed a "buy" rating and set a $19.00 target price on shares of Novavax in a research note on Thursday, June 11th. Wall Street Zen upgraded shares of Novavax from a "sell" rating to a "hold" rating in a research report on Saturday, September 12th. Finally, Zacks Research cut Novavax from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 6th. Five research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, Novavax presently has a consensus rating of "Hold" and an average price target of $14.00.

Novavax Stock Up 13.9%

Shares of NVAX stock traded up $1.53 during trading hours on Friday, hitting $12.54. 10,533,563 shares of the company's stock traded hands, compared to its average volume of 5,036,208. The stock's fifty day simple moving average is $9.48 and its two-hundred day simple moving average is $9.07. Novavax, Inc. has a 12-month low of $6.20 and a 12-month high of $13.39. The stock has a market cap of $2.07 billion, a price-to-earnings ratio of -8.25 and a beta of 2.44.

Novavax (NASDAQ:NVAX - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The biopharmaceutical company reported ($0.32) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.38) by $0.06. The business had revenue of $56.70 million during the quarter, compared to analysts' expectations of $52.51 million. Novavax had a negative return on equity of 14.82% and a negative net margin of 59.87%.The firm's quarterly revenue was down 76.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.62 earnings per share. On average, equities analysts forecast that Novavax, Inc. will post -0.48 earnings per share for the current fiscal year.

Novavax Profile

Novavax, Inc is a biotechnology company focused on the discovery, development and commercialization of vaccines. The company uses its recombinant protein-based vaccine platform and Matrix-M adjuvant technology to develop vaccines designed to stimulate targeted immune responses.

Novavax's principal commercial product is its protein-based COVID-19 vaccine, marketed in various regions under the Nuvaxovid or Novavax COVID-19 Vaccine name. The vaccine has been authorized or approved in multiple markets, including the United States, Europe and other international jurisdictions, with availability and regulatory status varying by country.

Want to see what other hedge funds are holding NVAX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Novavax, Inc. (NASDAQ:NVAX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.