Vaxart (NASDAQ:VXRT) had its target price cut by equities researchers at B. Riley from $22.00 to $16.00 in a report issued on Wednesday, The Fly reports. The firm currently has a "buy" rating on the biotechnology company's stock. B. Riley's target price would indicate a potential upside of 180.70% from the company's previous close.
Other analysts have also issued research reports about the company. HC Wainwright boosted their price target on Vaxart from $7.00 to $17.00 and gave the company a "buy" rating in a research note on Wednesday, August 12th. BidaskClub lowered Vaxart from a "sell" rating to a "strong sell" rating in a research note on Friday, October 23rd. Finally, Zacks Investment Research downgraded Vaxart from a "hold" rating to a "sell" rating in a research report on Saturday. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and two have issued a buy rating to the company's stock. The stock currently has a consensus rating of "Hold" and an average price target of $11.42.
Shares of VXRT stock traded up $0.03 during trading on Wednesday, reaching $5.70. The company had a trading volume of 126,669 shares, compared to its average volume of 17,070,289. The firm's 50 day simple moving average is $5.85 and its two-hundred day simple moving average is $6.36. Vaxart has a one year low of $0.27 and a one year high of $17.49. The company has a market capitalization of $620.69 million, a PE ratio of -9.61 and a beta of -0.11.
Vaxart (NASDAQ:VXRT) last issued its quarterly earnings data on Thursday, November 12th. The biotechnology company reported ($0.08) earnings per share for the quarter, beating the Zacks' consensus estimate of ($0.09) by $0.01. Vaxart had a negative return on equity of 84.90% and a negative net margin of 281.50%. As a group, sell-side analysts anticipate that Vaxart will post -0.35 earnings per share for the current year.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Ameritas Investment Partners Inc. acquired a new position in Vaxart during the second quarter valued at approximately $35,000. PNC Financial Services Group Inc. raised its stake in Vaxart by 39.9% in the second quarter. PNC Financial Services Group Inc. now owns 4,451 shares of the biotechnology company's stock valued at $39,000 after buying an additional 1,270 shares during the period. Point72 Hong Kong Ltd bought a new stake in Vaxart in the third quarter valued at approximately $34,000. Bank of Montreal Can bought a new stake in Vaxart in the second quarter valued at approximately $63,000. Finally, Rockefeller Capital Management L.P. bought a new stake in Vaxart in the second quarter valued at approximately $75,000. 17.90% of the stock is owned by hedge funds and other institutional investors.
Vaxart Company Profile
Vaxart, Inc operates as a clinical-stage biotechnology company, which engages in the development of oral recombinant vaccines. Its products include Influenza, Norovirus and Respiratory Syncytial Virus. The company was founded in 2004 and is headquartered in South San Francisco, CA.
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7 Tech Stocks To Buy On Sale
This too shall pass. Those four words should be taped to the computer screen of every investor. If you own shares of the tech sector, you’ve seen your portfolio take quite a hit. Tech stocks were largely immune from the effects of the pandemic.
However, as investors are looking to rebalance their portfolios, tech stocks were obvious targets for some profit-taking. And at the end of the day, that’s what I believe the latest tech selloff amounts to. Stocks don’t move in one direction all the time. Sure, there may be some saber-rattling about breaking up big tech. But with an election in less than two months, nobody will have the political will to do anything.
That doesn’t mean that it’s all going to be smooth sailing. Sure, the Federal Reserve did its part by promising low-interest rates until the end of time (or at least through 2023 whatever comes first). But the rest of 2020 is likely to be volatile for stocks.
First, there’s still the novel coronavirus hanging around. It’s not going to simply disappear after election day. That will take some combination of a vaccine and/or therapeutic. And all the likely candidates seem to be getting farther away the deeper into clinical trials they get.
And we have an election. But we are not likely to know the winner of the election on election night. In fact, for those who remember the spectacle of “hanging chads”, this election could make that one look like amateur hour.
The bottom line is there will be uncertainty. But there are always gains to be found, particularly now that their stock price has come down a little bit. Here are seven tech stocks that you can look to add or increase a position in now that they’re trading at a discount.
View the "7 Tech Stocks To Buy On Sale".