Novavax (NASDAQ:NVAX) Shares Up 10.5% - Here's Why

Key Points

• Novavax shares jumped 10.5% to $11.56 during Monday trading, giving the company a market capitalization of approximately $1.94 billion.
• Analyst sentiment remains mixed: five analysts rate the stock a Buy, while two rate it Hold and two rate it Sell. The consensus rating is Hold, with an average price target of $14.00.
• Novavax exceeded quarterly expectations, reporting an adjusted loss of $0.32 per share versus the projected $0.38 loss and revenue of $56.7 million. However, revenue declined 76.2% year over year and the company remained unprofitable.

Shares of Novavax, Inc. (NASDAQ:NVAX - Get Free Report) shot up 10.5% during trading on Monday. The stock traded as high as $11.25 and last traded at $11.5620. Approximately 3,160,292 shares traded hands during mid-day trading, a decline of 34% from the average daily volume of 4,772,155 shares. The stock had previously closed at $10.46.

Analyst Ratings Changes

Several research firms recently issued reports on NVAX. Wall Street Zen upgraded shares of Novavax from a "sell" rating to a "hold" rating in a report on Saturday, September 12th. Weiss Ratings reiterated a "sell (d)" rating on shares of Novavax in a report on Tuesday, August 4th. BTIG Research reissued a "buy" rating and issued a $19.00 price objective on shares of Novavax in a research report on Thursday, June 11th. Finally, Zacks Research downgraded Novavax from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 6th. Five research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, Novavax has a consensus rating of "Hold" and an average price target of $14.00.

Novavax Trading Up 12.7%

The stock's 50-day moving average price is $9.15 and its 200-day moving average price is $9.03. The company has a market cap of $1.94 billion, a P/E ratio of -7.72 and a beta of 2.44.

Novavax (NASDAQ:NVAX - Get Free Report) last issued its earnings results on Thursday, August 6th. The biopharmaceutical company reported ($0.32) EPS for the quarter, beating analysts' consensus estimates of ($0.38) by $0.06. The business had revenue of $56.70 million during the quarter, compared to analyst estimates of $52.51 million. Novavax had a negative return on equity of 14.82% and a negative net margin of 59.87%.The firm's revenue was down 76.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.62 EPS. On average, research analysts anticipate that Novavax, Inc. will post -0.46 earnings per share for the current fiscal year.

Institutional Trading of Novavax

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Integrated Wealth Concepts LLC bought a new position in shares of Novavax in the second quarter valued at $42,000. Squarepoint Ops LLC acquired a new stake in shares of Novavax in the 2nd quarter worth about $1,258,000. Allworth Financial LP raised its holdings in shares of Novavax by 292.5% in the 2nd quarter. Allworth Financial LP now owns 4,353 shares of the biopharmaceutical company's stock worth $41,000 after acquiring an additional 3,244 shares during the last quarter. Corient Private Wealth LP bought a new position in Novavax in the 2nd quarter valued at about $155,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Novavax in the 2nd quarter valued at about $739,000. Institutional investors own 53.04% of the company's stock.

About Novavax

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.