Novavax (NASDAQ:NVAX) Shares Down 5.4% - Here's Why

Novavax, Inc. (NASDAQ:NVAX - Get Free Report) traded down 5.4% during mid-day trading on Wednesday . The stock traded as low as $6.99 and last traded at $6.98. 4,966,560 shares were traded during mid-day trading, a decline of 32% from the average session volume of 7,264,943 shares. The stock had previously closed at $7.38.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. 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 research note on Friday, May 9th. TD Cowen raised shares of Novavax to a "hold" rating in a research note on Thursday, February 27th. B. Riley reissued a "buy" rating on shares of Novavax in a research note on Monday, May 19th. Finally, BTIG Research initiated coverage on shares of Novavax in a research note on Friday, February 28th. They set a "buy" rating and a $19.00 price objective on the stock. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company. According to MarketBeat.com, Novavax has a consensus rating of "Hold" and a consensus price target of $19.00.

Novavax Price Performance

The stock's 50 day simple moving average is $6.57 and its two-hundred day simple moving average is $7.78. The stock has a market cap of $1.20 billion, a P/E ratio of -3.27, a price-to-earnings-growth ratio of 2.85 and a beta of 3.21.

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

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. GF Fund Management CO. LTD. bought a new position in Novavax in the fourth quarter valued at approximately $27,000. Spire Wealth Management bought a new position in Novavax in the fourth quarter valued at approximately $29,000. New Age Alpha Advisors LLC bought a new position in Novavax in the fourth quarter valued at approximately $35,000. KBC Group NV lifted its stake in Novavax by 97.0% in the fourth quarter. KBC Group NV now owns 7,954 shares of the biopharmaceutical company's stock valued at $64,000 after buying an additional 3,917 shares in the last quarter. Finally, Bank Julius Baer & Co. Ltd Zurich bought a new position in Novavax in the first quarter valued at approximately $71,000. 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.