Novavax (NASDAQ:NVAX) Trading 8% Higher – What’s Next?

Novavax, Inc. (NASDAQ:NVAX) shares traded up 8% on Thursday . The stock traded as high as $9.86 and last traded at $10.1010. 1,028,198 shares changed hands during trading, a decline of 78% from the average daily volume of 4,699,512 shares. The stock had previously closed at $9.35.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on NVAX shares. Wall Street Zen upgraded shares of Novavax from a “sell” rating to a “hold” rating in a research note on Saturday, September 12th. BTIG Research reaffirmed a “buy” rating and set a $19.00 price target on shares of Novavax in a report on Thursday, June 11th. Zacks Research lowered shares of Novavax from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 6th. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of Novavax in a research note on Tuesday, August 4th. Five investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, Novavax has an average rating of “Hold” and an average target price of $14.00.

Novavax Trading Up 10.2%

The business’s 50 day moving average price is $8.62 and its two-hundred day moving average price is $9.00. The company has a market capitalization of $1.70 billion, a price-to-earnings ratio of -6.78 and a beta of 2.45.

Novavax (NASDAQ:NVAX) last released its quarterly earnings data on Thursday, August 6th. The biopharmaceutical company reported ($0.32) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.38) by $0.06. Novavax had a negative net margin of 59.87% and a negative return on equity of 14.82%. The business had revenue of $56.70 million during the quarter, compared to analysts’ expectations of $52.51 million. During the same period in the prior year, the company earned $0.62 EPS. The firm’s quarterly revenue was down 76.2% compared to the same quarter last year. Analysts expect that Novavax, Inc. will post -0.46 EPS for the current year.

Hedge Funds Weigh In On Novavax

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Shah Capital Management boosted its stake in shares of Novavax by 2.0% during the first quarter. Shah Capital Management now owns 14,845,097 shares of the biopharmaceutical company’s stock valued at $120,839,000 after purchasing an additional 286,317 shares in the last quarter. Bank of New York Mellon Corp acquired a new position in shares of Novavax in the second quarter valued at approximately $8,004,000. Monaco Asset Management SAM raised its holdings in Novavax by 161.3% in the 4th quarter. Monaco Asset Management SAM now owns 1,045,000 shares of the biopharmaceutical company’s stock valued at $7,022,000 after buying an additional 645,000 shares during the last quarter. Edgestream Partners L.P. bought a new position in Novavax in the 1st quarter valued at approximately $4,234,000. Finally, Renaissance Technologies LLC acquired a new stake in Novavax during the 1st quarter worth approximately $4,049,000. Institutional investors and hedge funds own 53.04% of the company’s stock.

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.