Citigroup Begins Coverage on Novavax (NASDAQ:NVAX)

Citigroup began coverage on shares of Novavax (NASDAQ:NVAX - Free Report) in a research report sent to investors on Tuesday, Marketbeat Ratings reports. The brokerage issued a sell rating and a $6.00 price target on the biopharmaceutical company's stock.

Several other analysts have also weighed in on NVAX. B. Riley restated a "buy" rating on shares of Novavax in a report on Monday, May 19th. JPMorgan Chase & Co. decreased their price target on Novavax from $9.00 to $7.00 and set an "underweight" rating on the stock in a report on Friday, May 9th. TD Cowen upgraded Novavax to a "hold" rating in a report on Thursday, February 27th. Finally, BTIG Research began coverage on Novavax in a report on Friday, February 28th. They set a "buy" rating and a $19.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $17.00.

Novavax Stock Down 7.7%

NASDAQ NVAX traded down $0.54 during trading hours on Tuesday, reaching $6.49. The company's stock had a trading volume of 8,727,481 shares, compared to its average volume of 6,527,043. The firm's 50-day moving average price is $6.72 and its 200-day moving average price is $7.69. Novavax has a 1 year low of $5.01 and a 1 year high of $17.81. The company has a market capitalization of $1.05 billion, a price-to-earnings ratio of -2.87, a PEG ratio of 2.85 and a beta of 2.80.

Novavax (NASDAQ:NVAX - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The biopharmaceutical company reported $2.93 EPS for the quarter, topping analysts' consensus estimates of $0.71 by $2.22. The business had revenue of $666.66 million during the quarter, compared to analysts' expectations of $204.08 million. During the same period in the prior year, the firm posted ($1.05) earnings per share. The firm's revenue for the quarter was up 610.3% on a year-over-year basis. Equities research analysts anticipate that Novavax will post -1.46 EPS for the current fiscal year.

Hedge Funds Weigh In On Novavax

Several hedge funds have recently bought and sold shares of the business. Rhumbline Advisers grew its position in Novavax by 3.3% in the 1st quarter. Rhumbline Advisers now owns 215,413 shares of the biopharmaceutical company's stock valued at $1,381,000 after acquiring an additional 6,949 shares during the last quarter. Strs Ohio bought a new position in Novavax in the 1st quarter valued at $167,000. Bayforest Capital Ltd bought a new position in Novavax in the 1st quarter valued at $404,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Novavax by 16.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 312,789 shares of the biopharmaceutical company's stock valued at $2,005,000 after acquiring an additional 44,105 shares during the last quarter. Finally, Caxton Associates LLP bought a new position in Novavax in the 1st quarter valued at $158,000. Institutional investors own 53.04% of the company's stock.

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.