Novavax (NASDAQ:NVAX) Stock Price Up 14.6% After Better-Than-Expected Earnings

Key Points

• Novavax's stock surged by 14.6% after the company reported better-than-expected quarterly earnings, with an EPS of $0.62, significantly above the consensus estimate of ($0.12).
• Despite the positive earnings report, Novavax's revenue of $239.24 million marks a 42.4% decline compared to the same quarter last year.
• Analysts have mixed ratings on Novavax, with a consensus rating of "Hold" and an average price target of $15.86, reflecting varied perspectives from different research firms.

Shares of Novavax, Inc. (NASDAQ:NVAX - Get Free Report) were up 14.6% on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $8.88 and last traded at $8.69. Approximately 13,333,193 shares changed hands during trading, an increase of 103% from the average daily volume of 6,566,897 shares. The stock had previously closed at $7.58.

The biopharmaceutical company reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.12) by $0.74. The business had revenue of $239.24 million for the quarter, compared to the consensus estimate of $149.19 million. Novavax had a net margin of 38.14% and a negative return on equity of 115.51%. The company's revenue was down 42.4% compared to the same quarter last year. During the same period last year, the firm posted $0.99 earnings per share.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on NVAX. Bank of America reduced their target price on shares of Novavax from $10.00 to $9.00 and set a "neutral" rating on the stock in a report on Tuesday, July 22nd. JPMorgan Chase & Co. reduced their target price on shares of Novavax from $9.00 to $7.00 and set an "underweight" rating on the stock in a report on Friday, May 9th. Citigroup started coverage on shares of Novavax in a report on Tuesday, June 17th. They issued a "sell" rating and a $6.00 target price on the stock. Finally, B. Riley reiterated a "buy" rating on shares of Novavax in a report on Monday, May 19th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat.com, Novavax has a consensus rating of "Hold" and an average price target of $15.86.

Hedge Funds Weigh In On Novavax

Several institutional investors and hedge funds have recently made changes to their positions in NVAX. GF Fund Management CO. LTD. bought a new stake in Novavax in the fourth quarter valued at $27,000. Signaturefd LLC raised its stake in shares of Novavax by 47.2% in the 2nd quarter. Signaturefd LLC now owns 9,739 shares of the biopharmaceutical company's stock valued at $61,000 after acquiring an additional 3,122 shares in the last quarter. Bank Julius Baer & Co. Ltd Zurich bought a new position in Novavax in the 1st quarter worth approximately $71,000. Vanguard Personalized Indexing Management LLC bought a new position in Novavax in the 2nd quarter worth approximately $72,000. Finally, Wealth Enhancement Advisory Services LLC bought a new stake in shares of Novavax during the second quarter valued at approximately $73,000. 53.04% of the stock is currently owned by hedge funds and other institutional investors.

Novavax Trading Up 14.3%

The firm has a market cap of $1.40 billion, a price-to-earnings ratio of 3.27, a price-to-earnings-growth ratio of 0.08 and a beta of 2.50. The company has a 50 day moving average of $6.93 and a 200 day moving average of $7.21.

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.

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