Sit Investment Associates Inc. cut its position in shares of Novavax Inc. (NASDAQ:NVAX) by 11.7% during the second quarter, Holdings Channel reports. The firm owned 165,500 shares of the biopharmaceutical company’s stock after selling 21,900 shares during the period. Sit Investment Associates Inc.’s holdings in Novavax were worth $1,203,000 at the end of the most recent reporting period.
A number of other hedge funds have also added to or reduced their stakes in the stock. Wellington Management Group LLP raised its stake in Novavax by 43.4% in the first quarter. Wellington Management Group LLP now owns 12,711,938 shares of the biopharmaceutical company’s stock worth $65,593,000 after buying an additional 3,849,585 shares during the period. State Street Corp raised its stake in Novavax by 40.1% in the first quarter. State Street Corp now owns 12,320,840 shares of the biopharmaceutical company’s stock worth $63,579,000 after buying an additional 3,527,714 shares during the period. BlackRock Fund Advisors raised its stake in Novavax by 1.7% in the first quarter. BlackRock Fund Advisors now owns 10,143,371 shares of the biopharmaceutical company’s stock worth $52,340,000 after buying an additional 165,145 shares during the period. Franklin Resources Inc. raised its stake in Novavax by 71.8% in the first quarter. Franklin Resources Inc. now owns 5,226,565 shares of the biopharmaceutical company’s stock worth $26,969,000 after buying an additional 2,183,700 shares during the period. Finally, Deerfield Management Co. acquired a new stake in Novavax during the first quarter worth about $12,674,000. 79.84% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Novavax Inc. (NASDAQ:NVAX) traded down 7.34% during trading on Wednesday, reaching $1.64. The company’s stock had a trading volume of 11,377,565 shares. The company’s market cap is $444.17 million. Novavax Inc. has a 52-week low of $1.16 and a 52-week high of $9.23. The firm’s 50-day moving average is $4.59 and its 200 day moving average is $5.86.
Novavax (NASDAQ:NVAX) last released its quarterly earnings data on Tuesday, August 9th. The biopharmaceutical company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by $0.04. The business earned $2.50 million during the quarter, compared to the consensus estimate of $8.03 million. Novavax had a negative net margin of 1,405.84% and a negative return on equity of 112.45%. Novavax’s quarterly revenue was down 82.1% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.08) EPS. On average, equities research analysts predict that Novavax Inc. will post ($1.09) EPS for the current fiscal year.
NVAX has been the topic of several recent research reports. Vetr lowered Novavax from a “buy” rating to a “hold” rating and set a $7.86 price objective on the stock. in a report on Tuesday, August 9th. Piper Jaffray Cos. lowered Novavax from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $14.00 to $1.00 in a report on Friday, September 16th. Citigroup Inc. lowered Novavax from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $12.00 to $1.50 in a report on Friday, September 16th. FBR & Co reissued an “outperform” rating and set a $12.00 price objective on shares of Novavax in a report on Monday. Finally, Zacks Investment Research lowered Novavax from a “hold” rating to a “sell” rating in a report on Wednesday, August 10th. Seven research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $7.06.
In other news, Director Gail Boudreaux bought 100,000 shares of the stock in a transaction dated Tuesday, September 20th. The shares were bought at an average price of $1.45 per share, for a total transaction of $145,000.00. Following the completion of the purchase, the director now owns 200,000 shares in the company, valued at $290,000. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Michael A. Mcmanus, Jr. bought 30,000 shares of the stock in a transaction dated Wednesday, September 21st. The shares were purchased at an average price of $1.61 per share, for a total transaction of $48,300.00. Following the purchase, the director now owns 247,590 shares of the company’s stock, valued at approximately $398,619.90. The disclosure for this purchase can be found here. 3.50% of the stock is owned by company insiders.
Novavax, Inc (Novavax) is a clinical-stage vaccine company focused on the discovery, development and commercialization of recombinant nanoparticle vaccines and adjuvants. The Company operates through developing recombinant vaccines segment. The Company through its recombinant nanoparticle vaccine technology produces vaccine candidates to respond to both known and newly emerging diseases.
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