Novavax (NASDAQ:NVAX) Stock Price Down 6.1% – Here’s What Happened

Novavax, Inc. (NASDAQ:NVAX)’s share price was down 6.1% during trading on Wednesday . The stock traded as low as $8.13 and last traded at $8.1380. Approximately 1,030,851 shares were traded during trading, a decline of 75% from the average daily volume of 4,131,827 shares. The stock had previously closed at $8.67.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on NVAX shares. Cantor Fitzgerald started coverage on shares of Novavax in a report on Friday, October 24th. They issued an “overweight” rating and a $18.00 price target for the company. HC Wainwright boosted their target price on Novavax from $10.00 to $11.00 and gave the stock a “buy” rating in a research report on Thursday, October 23rd. Wall Street Zen lowered Novavax from a “hold” rating to a “sell” rating in a research report on Saturday, November 8th. TD Cowen cut their price target on shares of Novavax from $8.00 to $7.00 and set a “hold” rating on the stock in a research report on Tuesday, November 4th. Finally, B. Riley restated a “buy” rating and set a $16.00 price objective (down previously from $18.00) on shares of Novavax in a report on Monday, November 10th. Four investment analysts have rated the stock with a Buy rating, one has given a Hold rating and four have given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $11.25.

Novavax Trading Up 3.0%

The firm has a market capitalization of $1.30 billion, a price-to-earnings ratio of 4.47 and a beta of 2.37. The business’s fifty day moving average is $6.97 and its 200 day moving average is $7.64. The company has a quick ratio of 2.24, a current ratio of 2.27 and a debt-to-equity ratio of 5.93.

Novavax (NASDAQ:NVAX) last released its quarterly earnings results on Thursday, November 6th. The biopharmaceutical company reported ($1.25) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.08) by ($0.17). Novavax had a negative return on equity of 217.02% and a net margin of 32.10%.The firm had revenue of $70.45 million for the quarter, compared to analyst estimates of $55.63 million. During the same period last year, the company earned ($0.76) EPS. The company’s revenue was down 16.7% compared to the same quarter last year. Equities analysts predict that Novavax, Inc. will post -1.46 earnings per share for the current year.

Hedge Funds Weigh In On Novavax

A number of institutional investors have recently bought and sold shares of the business. Shah Capital Management lifted its stake in shares of Novavax by 23.3% during the 4th quarter. Shah Capital Management now owns 14,558,780 shares of the biopharmaceutical company’s stock worth $97,835,000 after buying an additional 2,747,000 shares during the last quarter. Stonehage Fleming Financial Services Holdings Ltd bought a new position in Novavax during the fourth quarter worth about $126,000. SG Americas Securities LLC boosted its holdings in Novavax by 6.3% in the 4th quarter. SG Americas Securities LLC now owns 976,388 shares of the biopharmaceutical company’s stock valued at $6,561,000 after purchasing an additional 57,705 shares during the period. CIBC Bancorp USA Inc. acquired a new position in shares of Novavax during the 3rd quarter worth approximately $138,000. Finally, Danske Bank A S bought a new position in shares of Novavax during the third quarter worth approximately $64,000. Institutional investors and hedge funds own 53.04% of the company’s stock.

Novavax Company Profile

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.