Novavax (NASDAQ:NVAX) Trading 5.4% Higher - Here's What Happened

Key Points

• Novavax's stock increased by 5.4%, reaching a high of $9.24 before closing at $9.33, despite a trading volume decline of 39% from its average.
• Analysts maintain mixed views on Novavax, with four buy ratings, two sell ratings, and a projected average price target of $15.86, down from a previous high.
• The company reported $0.62 EPS for the last quarter, significantly beating estimates, but its revenue was down 42.4% year-over-year, with expectations of a loss for the current year.

Novavax, Inc. (NASDAQ:NVAX - Get Free Report) traded up 5.4% during trading on Thursday . The stock traded as high as $9.24 and last traded at $9.33. 4,040,006 shares traded hands during mid-day trading, a decline of 39% from the average session volume of 6,611,240 shares. The stock had previously closed at $8.85.

Wall Street Analysts Forecast Growth

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

Novavax Stock Up 8.6%

The company has a quick ratio of 2.34, a current ratio of 2.36 and a debt-to-equity ratio of 5.93. The company has a market capitalization of $1.56 billion, a PE ratio of 4.20, a P/E/G ratio of 0.10 and a beta of 2.50. The stock has a 50-day moving average of $7.06 and a 200 day moving average of $7.19.

Novavax (NASDAQ:NVAX - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The biopharmaceutical company reported $0.62 EPS for the quarter, topping analysts' consensus estimates of ($0.07) by $0.69. Novavax had a negative return on equity of 142.33% and a net margin of 39.20%. The firm had revenue of $239.24 million during the quarter, compared to analyst estimates of $149.19 million. During the same period last year, the company earned $0.99 earnings per share. The business's revenue for the quarter was down 42.4% on a year-over-year basis. Sell-side analysts anticipate that Novavax, Inc. will post -1.46 EPS for the current year.

Institutional Investors Weigh In On Novavax

A number of hedge funds and other institutional investors have recently modified their holdings of NVAX. Sanofi purchased a new position in shares of Novavax during the 4th quarter worth approximately $55,319,000. Park West Asset Management LLC purchased a new position in shares of Novavax during the 1st quarter worth approximately $16,210,000. Deep Track Capital LP purchased a new stake in shares of Novavax in the 4th quarter worth approximately $16,080,000. Jupiter Asset Management Ltd. grew its stake in shares of Novavax by 195.9% in the 2nd quarter. Jupiter Asset Management Ltd. now owns 880,410 shares of the biopharmaceutical company's stock worth $5,547,000 after buying an additional 582,858 shares during the last quarter. Finally, Allianz Asset Management GmbH purchased a new stake in shares of Novavax in the 2nd quarter worth approximately $3,382,000. 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.

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