Novavax (NASDAQ:NVAX) Trading 11.6% Higher Following Strong Earnings

Shares of Novavax, Inc. (NASDAQ:NVAX) traded up 11.6% during mid-day trading on Thursday following a better than expected earnings announcement. The company traded as high as $8.30 and last traded at $8.17. 2,620,975 shares traded hands during mid-day trading, a decline of 40% from the average session volume of 4,336,841 shares. The stock had previously closed at $7.32.

The biopharmaceutical company reported ($0.51) earnings per share for the quarter, topping the consensus estimate of ($0.75) by $0.24. The firm had revenue of $88.31 million for the quarter, compared to the consensus estimate of $85.48 million. During the same period in the prior year, the company posted ($1.44) earnings per share.

Wall Street Analyst Weigh In

A number of brokerages have commented on NVAX. BTIG Research initiated coverage on shares of Novavax in a report on Friday. They set a “buy” rating and a $19.00 price objective on the stock. HC Wainwright restated a “buy” rating and issued a $19.00 price target on shares of Novavax in a research report on Tuesday, December 10th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $18.00.

Insider Buying and Selling

In other news, Director James F. Young sold 5,400 shares of the company’s stock in a transaction that occurred on Tuesday, December 31st. The shares were sold at an average price of $8.00, for a total value of $43,200.00. Following the completion of the transaction, the director now owns 51,760 shares in the company, valued at $414,080. This represents a 9.45 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Rachel K. King sold 4,150 shares of the firm’s stock in a transaction on Friday, December 13th. The stock was sold at an average price of $9.02, for a total transaction of $37,433.00. Following the sale, the director now owns 14,770 shares in the company, valued at approximately $133,225.40. The trade was a 21.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 14,150 shares of company stock valued at $119,641. 1.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. GF Fund Management CO. LTD. bought a new stake in Novavax in the 4th quarter valued at approximately $27,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Novavax by 19.8% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 268,684 shares of the biopharmaceutical company’s stock valued at $2,160,000 after purchasing an additional 44,359 shares during the last quarter. Twinbeech Capital LP bought a new stake in shares of Novavax in the fourth quarter worth $555,000. Sanofi acquired a new position in Novavax during the fourth quarter worth $55,319,000. Finally, ProShare Advisors LLC grew its position in Novavax by 45.1% in the fourth quarter. ProShare Advisors LLC now owns 70,988 shares of the biopharmaceutical company’s stock valued at $571,000 after purchasing an additional 22,051 shares in the last quarter. 53.04% of the stock is owned by institutional investors and hedge funds.

Novavax Trading Down 3.6 %

The firm’s 50 day simple moving average is $8.52 and its 200-day simple moving average is $10.00. The stock has a market capitalization of $1.13 billion, a price-to-earnings ratio of -3.12, a price-to-earnings-growth ratio of 2.85 and a beta of 2.14.

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.