Novavax (NASDAQ:NVAX) Stock Breaks Above Two Hundred Day Moving Average - Here's Why

Key Points

• Novavax shares broke above their 200-day moving average, reaching $10.85 before closing at $10.60, compared with the $9.02 average. Trading volume exceeded 4.3 million shares.
• Analyst sentiment remains 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 and BTIG Research maintaining a $19 target.
• Novavax beat quarterly earnings and revenue expectations, reporting an adjusted loss of $0.32 per share and $56.7 million in revenue, though revenue fell 76.2% year over year and the company remains unprofitable.

Novavax, Inc. (NASDAQ:NVAX - Get Free Report)'s share price crossed above its two hundred day moving average during trading on Thursday. The stock has a two hundred day moving average of $9.02 and traded as high as $10.85. Novavax shares last traded at $10.60, with a volume of 4,342,055 shares.

Analysts Set New Price Targets

NVAX has been the subject of a number of recent analyst reports. Wall Street Zen raised Novavax from a "sell" rating to a "hold" rating in a research report on Saturday, September 12th. BTIG Research reiterated a "buy" rating and set a $19.00 target price on shares of Novavax in a research report on Thursday, June 11th. Zacks Research lowered Novavax from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 6th. Finally, Weiss Ratings restated a "sell (d)" rating on shares of Novavax in a report on Tuesday, August 4th. Five equities 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 stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $14.00.

Novavax Trading Up 0.5%

The company has a market capitalization of $1.75 billion, a PE ratio of -6.97 and a beta of 2.45. The company's 50 day moving average price is $8.82 and its 200-day moving average price is $9.02.

Novavax (NASDAQ:NVAX - Get Free Report) last issued its 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 for the quarter, compared to analysts' expectations of $52.51 million. During the same quarter last year, the firm earned $0.62 earnings per share. The firm's revenue for the quarter was down 76.2% compared to the same quarter last year. As a group, analysts predict that Novavax, Inc. will post -0.46 earnings per share for the current year.

Hedge Funds Weigh In On Novavax

Several hedge funds and other institutional investors have recently modified their holdings of the company. Integrated Wealth Concepts LLC acquired a new stake in Novavax during the 2nd quarter worth approximately $42,000. Squarepoint Ops LLC acquired a new position in Novavax during the second quarter valued at approximately $1,258,000. Allworth Financial LP lifted its position in Novavax by 292.5% during the second quarter. Allworth Financial LP now owns 4,353 shares of the biopharmaceutical company's stock valued at $41,000 after buying an additional 3,244 shares in the last quarter. Corient Private Wealth LP purchased a new stake in Novavax during the second quarter worth approximately $155,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Novavax during the second quarter worth approximately $739,000. 53.04% of the stock is owned by institutional investors and hedge funds.

Novavax Company Profile

Novavax, Inc is a biotechnology company focused on discovering, developing and commercializing vaccines for infectious diseases. The company's vaccine platform uses recombinant nanoparticle technology and Matrix-M, its proprietary saponin-based adjuvant, which is designed to enhance and broaden immune responses.

Novavax's primary commercial product is Nuvaxovid, a protein-based COVID-19 vaccine authorized in multiple markets. The vaccine has also been marketed as Covovax through partnerships in certain countries.

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.