Novavax (NASDAQ:NVAX) Sees Strong Trading Volume After Analyst Upgrade

Novavax, Inc. (NASDAQ:NVAX - Get Free Report) shares saw an uptick in trading volume on Tuesday after TD Cowen raised their price target on the stock from $5.00 to $10.00. TD Cowen currently has a hold rating on the stock. 14,006,605 shares changed hands during trading, an increase of 38% from the previous session's volume of 10,124,515 shares.The stock last traded at $13.54 and had previously closed at $13.11.

Several other analysts have also issued reports on the stock. Bank of America raised shares of Novavax from an "underperform" rating to a "neutral" rating and upped their price target for the stock from $4.00 to $12.00 in a research report on Friday. HC Wainwright reaffirmed a "buy" rating and issued a $19.00 target price on shares of Novavax in a report on Monday. Finally, JPMorgan Chase & Co. upgraded shares of Novavax from an "underweight" rating to a "neutral" rating in a research note on Friday. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $14.00.

Hedge Funds Weigh In On Novavax

Several institutional investors and hedge funds have recently modified their holdings of the stock. Herr Investment Group LLC bought a new stake in shares of Novavax during the 1st quarter worth about $48,000. American International Group Inc. lifted its position in Novavax by 17.9% during the first quarter. American International Group Inc. now owns 55,832 shares of the biopharmaceutical company's stock worth $267,000 after acquiring an additional 8,492 shares during the last quarter. Ameritas Investment Partners Inc. boosted its holdings in shares of Novavax by 31.6% during the first quarter. Ameritas Investment Partners Inc. now owns 11,298 shares of the biopharmaceutical company's stock worth $54,000 after acquiring an additional 2,711 shares during the period. Edgestream Partners L.P. grew its position in shares of Novavax by 23.7% in the first quarter. Edgestream Partners L.P. now owns 12,753 shares of the biopharmaceutical company's stock valued at $61,000 after purchasing an additional 2,447 shares during the last quarter. Finally, Monaco Asset Management SAM lifted its holdings in Novavax by 181.3% during the 1st quarter. Monaco Asset Management SAM now owns 188,900 shares of the biopharmaceutical company's stock worth $903,000 after purchasing an additional 121,751 shares during the last quarter. 53.04% of the stock is currently owned by institutional investors and hedge funds.

Novavax Trading Up 2.8 %

The company has a 50 day moving average of $5.04 and a 200-day moving average of $5.08. The firm has a market capitalization of $1.89 billion, a P/E ratio of -4.25 and a beta of 1.63.

Novavax (NASDAQ:NVAX - Get Free Report) last posted its earnings results on Friday, May 10th. The biopharmaceutical company reported ($1.05) earnings per share for the quarter, missing analysts' consensus estimates of ($1.04) by ($0.01). The firm had revenue of $93.90 million during the quarter, compared to the consensus estimate of $71.32 million. During the same period in the prior year, the company earned ($3.41) earnings per share. The business's quarterly revenue was up 15.9% on a year-over-year basis. As a group, sell-side analysts forecast that Novavax, Inc. will post -0.82 EPS for the current fiscal year.

About Novavax

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.