Novavax (NASDAQ:NVAX) Sees Strong Trading Volume - Should You Buy?

Key Points

• Novavax shares rose 12.8% to approximately $12.03, while trading volume increased 35% to 6.76 million shares.
• Analyst sentiment is mixed: five analysts rate the stock a Buy, two a Hold, and two a Sell. The consensus rating is Hold, with an average price target of $14.00.
• Novavax beat quarterly earnings expectations, reporting a loss of $0.32 per share versus the forecasted $0.38 loss, but revenue fell 76.2% year over year and the company remained unprofitable.

Novavax, Inc. (NASDAQ:NVAX - Get Free Report) shares saw an uptick in trading volume on Friday. Approximately 6,763,209 shares traded hands during trading, an increase of 35% from the previous session's volume of 5,010,445 shares. The stock last traded at $12.0310 and had previously closed at $11.01.

Analysts Set New Price Targets

A number of equities analysts have issued reports on NVAX shares. Weiss Ratings reiterated a "sell (d)" rating on shares of Novavax in a report on Tuesday, August 4th. Wall Street Zen raised Novavax from a "sell" rating to a "hold" rating in a research report on Saturday, September 12th. Zacks Research lowered Novavax from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 6th. Finally, BTIG Research restated a "buy" rating and issued a $19.00 target price on shares of Novavax in a research note on Thursday, June 11th. Five research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $14.00.

Novavax Stock Up 12.8%

The firm has a fifty day moving average of $9.48 and a 200-day moving average of $9.07. The firm has a market cap of $2.05 billion, a P/E ratio of -8.17 and a beta of 2.44.

Novavax (NASDAQ:NVAX - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The biopharmaceutical company reported ($0.32) earnings per share for the quarter, beating analysts' consensus estimates of ($0.38) by $0.06. Novavax had a negative return on equity of 14.82% and a negative net margin of 59.87%.The firm had revenue of $56.70 million during the quarter, compared to the consensus estimate of $52.51 million. During the same period last year, the company earned $0.62 earnings per share. The business's revenue was down 76.2% compared to the same quarter last year. On average, equities analysts forecast that Novavax, Inc. will post -0.48 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Bank of New York Mellon Corp bought a new position in shares of Novavax during the 2nd quarter worth approximately $8,004,000. Edgestream Partners L.P. acquired a new stake in Novavax during the 1st quarter valued at $4,234,000. Renaissance Technologies LLC bought a new position in Novavax during the first quarter worth $4,049,000. Assenagon Asset Management S.A. acquired a new position in shares of Novavax in the first quarter valued at $2,969,000. Finally, Shah Capital Management increased its holdings in shares of Novavax by 2.0% in the first quarter. Shah Capital Management now owns 14,845,097 shares of the biopharmaceutical company's stock valued at $120,839,000 after purchasing an additional 286,317 shares during the last quarter. 53.04% of the stock is currently owned by institutional investors and hedge funds.

Novavax Company Profile

Novavax, Inc is a biotechnology company focused on the discovery, development and commercialization of vaccines. The company uses its recombinant protein-based vaccine platform and Matrix-M adjuvant technology to develop vaccines designed to stimulate targeted immune responses.

Novavax's principal commercial product is its protein-based COVID-19 vaccine, marketed in various regions under the Nuvaxovid or Novavax COVID-19 Vaccine name. The vaccine has been authorized or approved in multiple markets, including the United States, Europe and other international jurisdictions, with availability and regulatory status varying by country.

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