Novavax (NASDAQ:NVAX) Shares Down 9.4% - What's Next?

Key Points

• Novavax shares fell 9.4% on Thursday, closing at $9.045; trading volume was 32% below its average.
• Analysts’ consensus rating is Hold, with an average price target of $12.33. Ratings were mixed, ranging from Buy to Sell.
• Novavax beat quarterly expectations, reporting an adjusted loss of $0.19 per share and $68.3 million in revenue, though revenue was down 3% year over year.

Novavax, Inc. (NASDAQ:NVAX - Get Free Report) traded down 9.4% during trading on Thursday. The company traded as low as $9.15 and last traded at $9.0450. Approximately 3,572,075 shares traded hands during trading, a decline of 32% from the average daily volume of 5,253,326 shares. The stock had previously closed at $9.98.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Weiss Ratings reissued a "sell (d)" rating on shares of Novavax in a report on Monday, November 2nd. Citigroup restated a "sell" rating and issued a $8.00 target price (up from $7.00) on shares of Novavax in a research note on Thursday, October 15th. Zacks Research cut shares of Novavax from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 6th. Wall Street Zen upgraded Novavax from a "hold" rating to a "buy" rating in a research note on Saturday, November 7th. Finally, B. Riley Financial reiterated a "buy" rating and issued a $16.00 price target (down from $18.00) on shares of Novavax in a research note on Friday, November 6th. Five analysts have rated the stock with a Buy rating, two have issued a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $12.33.

Novavax Stock Down 9.6%

The stock has a market capitalization of $1.49 billion, a P/E ratio of -19.64 and a beta of 2.65. The company has a 50 day moving average of $10.60 and a 200-day moving average of $9.36.

Novavax (NASDAQ:NVAX - Get Free Report) last released its earnings results on Thursday, November 5th. The biopharmaceutical company reported ($0.19) earnings per share for the quarter, beating the consensus estimate of ($0.35) by $0.16. Novavax had a negative net margin of 18.64% and a negative return on equity of 14.82%. The firm had revenue of $68.30 million during the quarter, compared to analyst estimates of $50.42 million. During the same quarter in the previous year, the firm earned ($1.25) earnings per share. The firm's revenue for the quarter was down 3.0% compared to the same quarter last year. Equities analysts forecast that Novavax, Inc. will post -0.02 EPS for the current fiscal year.

Hedge Funds Weigh In On Novavax

A number of large investors have recently bought and sold shares of NVAX. Bank of New York Mellon Corp acquired a new stake in shares of Novavax during the 2nd quarter worth approximately $8,004,000. Squarepoint Ops LLC acquired a new position in Novavax during the 2nd quarter valued at approximately $1,258,000. Renaissance Technologies LLC bought a new position in Novavax during the 1st quarter worth $4,049,000. Edgestream Partners L.P. bought a new position in Novavax during the 1st quarter worth $4,234,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Novavax in the second quarter worth $739,000. Institutional investors own 53.04% of the company's stock.

About Novavax

Novavax, Inc. is a biotechnology company focused on developing vaccines for infectious diseases. Its technology combines recombinant protein-based vaccine antigens with Matrix-M, a saponin-based adjuvant designed to strengthen the immune response. The company's best-known product is Nuvaxovid, a protein-based COVID-19 vaccine authorized in the United States and other markets. Novavax also develops additional vaccine candidates, including a combination COVID-19 and influenza vaccine. Founded in 1987 and headquartered in Gaithersburg, Maryland, Novavax serves international markets through regulatory approvals and commercial partnerships.

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