Novavax (NASDAQ:NVAX) Shares Up 6.6% – Here’s Why

Novavax, Inc. (NASDAQ:NVAX)’s stock price was up 6.6% on Thursday . The company traded as high as $8.67 and last traded at $8.57. Approximately 1,244,773 shares traded hands during mid-day trading, a decline of 86% from the average daily volume of 9,060,255 shares. The stock had previously closed at $8.04.

Analysts Set New Price Targets

NVAX has been the topic of several research reports. HC Wainwright reissued a “buy” rating and set a $19.00 price objective on shares of Novavax in a research note on Tuesday, December 10th. Jefferies Financial Group cut their price target on Novavax from $31.00 to $25.00 and set a “buy” rating for the company in a report on Wednesday, October 16th. Finally, B. Riley reiterated a “buy” rating and set a $26.00 target price (up previously from $23.00) on shares of Novavax in a research report on Thursday, October 10th. One analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $17.83.

Novavax Stock Performance

The company’s fifty day moving average price is $8.74 and its 200-day moving average price is $11.40. The stock has a market cap of $1.37 billion, a P/E ratio of -3.80 and a beta of 2.02.

Novavax (NASDAQ:NVAX) last posted its earnings results on Tuesday, November 12th. The biopharmaceutical company reported ($0.76) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.83) by $0.07. The company had revenue of $84.51 million during the quarter, compared to analysts’ expectations of $65.80 million. Novavax’s revenue for the quarter was down 54.8% on a year-over-year basis. During the same quarter last year, the firm earned ($1.26) EPS. Analysts anticipate that Novavax, Inc. will post -1.44 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Novavax

Institutional investors have recently added to or reduced their stakes in the business. Amalgamated Bank increased its stake in Novavax by 26.9% during the 2nd quarter. Amalgamated Bank now owns 4,887 shares of the biopharmaceutical company’s stock valued at $62,000 after purchasing an additional 1,036 shares in the last quarter. Ensign Peak Advisors Inc raised its holdings in shares of Novavax by 3.0% during the second quarter. Ensign Peak Advisors Inc now owns 44,900 shares of the biopharmaceutical company’s stock worth $568,000 after purchasing an additional 1,300 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Novavax by 38.1% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,790 shares of the biopharmaceutical company’s stock valued at $77,000 after purchasing an additional 1,598 shares during the last quarter. Victory Capital Management Inc. grew its position in Novavax by 12.0% during the 3rd quarter. Victory Capital Management Inc. now owns 19,292 shares of the biopharmaceutical company’s stock worth $244,000 after purchasing an additional 2,072 shares during the period. Finally, Banque Cantonale Vaudoise raised its stake in shares of Novavax by 500.0% during the 2nd quarter. Banque Cantonale Vaudoise now owns 3,000 shares of the biopharmaceutical company’s stock valued at $38,000 after buying an additional 2,500 shares during the last quarter. Institutional investors and hedge funds own 53.04% of the company’s stock.

About Novavax

Novavax, Inc, a biotechnology company, that promotes improved health by discovering, developing, and commercializing vaccines to protect against serious infectious diseases. It offers vaccine platform that combines a recombinant protein approach, nanoparticle technology, and its patented Matrix-M adjuvant to enhance the immune response.