Novavax (NASDAQ:NVAX) Shares Up 5.3% - Here's What Happened

Key Points

• Novavax shares rose 5.3% to $9.75 during Monday trading, reaching as high as $9.91, though volume was 76% below the average session level.
• Analyst sentiment remains mixed: five analysts rate the stock Buy, two Hold and two Sell, producing an overall Hold rating and an average price target of $14.00.
• Novavax topped quarterly EPS and revenue estimates, reporting a loss of $0.32 per share and $56.7 million in revenue, but revenue fell 76.2% year over year and the company continues to post negative profitability metrics.

Novavax, Inc. (NASDAQ:NVAX - Get Free Report)'s share price was up 5.3% during trading on Monday . The stock traded as high as $9.91 and last traded at $9.7490. 1,125,037 shares traded hands during mid-day trading, a decline of 76% from the average session volume of 4,654,066 shares. The stock had previously closed at $9.26.

Analyst Upgrades and Downgrades

Several research analysts have commented on NVAX shares. Wall Street Zen cut shares of Novavax from a "hold" rating to a "sell" rating in a report on Saturday, August 1st. BTIG Research reaffirmed a "buy" rating and issued a $19.00 target price on shares of Novavax in a research report on Thursday, June 11th. TD Cowen lifted their price target on Novavax from $8.00 to $9.00 and gave the company a "hold" rating in a report on Wednesday, May 6th. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Novavax in a research report on Tuesday, August 4th. Finally, Zacks Research cut shares of 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 assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price of $14.00.

Novavax Stock Performance

The company has a market cap of $1.59 billion, a price-to-earnings ratio of -6.34 and a beta of 2.46. The company's 50 day moving average price is $8.47 and its 200 day moving average price is $8.94.

Novavax (NASDAQ:NVAX - Get Free Report) last announced its earnings results on Thursday, August 6th. The biopharmaceutical company reported ($0.32) EPS for the quarter, topping the consensus estimate 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 company had revenue of $56.70 million for the quarter, compared to analysts' expectations of $52.51 million. During the same quarter in the prior year, the business earned $0.62 earnings per share. The business's revenue for the quarter was down 76.2% on a year-over-year basis. As a group, analysts predict that Novavax, Inc. will post -0.47 EPS for the current year.

Institutional Trading of Novavax

Several hedge funds have recently modified their holdings of the stock. Quarry LP acquired a new position in Novavax during the 3rd quarter worth $33,000. Duncker Streett & Co. Inc. increased its stake in shares of Novavax by 917.3% in the 1st quarter. Duncker Streett & Co. Inc. now owns 4,242 shares of the biopharmaceutical company's stock valued at $35,000 after buying an additional 3,825 shares during the period. KBC Group NV raised its position in shares of Novavax by 34.9% during the first quarter. KBC Group NV now owns 4,746 shares of the biopharmaceutical company's stock worth $39,000 after acquiring an additional 1,229 shares during the last quarter. Danske Bank A S bought a new stake in shares of Novavax during the third quarter worth $64,000. Finally, State of Wyoming acquired a new position in shares of Novavax during the second quarter valued at $52,000. 53.04% of the stock is owned by institutional investors.

About Novavax

Novavax, Inc is a clinical-stage biotechnology company headquartered in Gaithersburg, Maryland, that specializes in the discovery, development and commercialization of next-generation vaccines to prevent serious infectious diseases. Founded in 1987, the company has built a platform based on recombinant nanoparticle technology and its proprietary Matrix-M™ adjuvant to enhance immune responses.

The company's lead product is NVX-CoV2373, a protein-based vaccine designed to elicit a robust immune response against the SARS-CoV-2 virus.

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