Shares of Novavax Inc. (NASDAQ:NVAX) dropped 3.4% during mid-day trading on Wednesday . The company traded as low as $7.40 and last traded at $7.47, with a volume of 3,249,928 shares traded. The stock had previously closed at $7.73.

NVAX has been the topic of a number of research analyst reports. Wedbush reissued an “outperform” rating and issued a $14.00 price target on shares of Novavax in a research note on Thursday, June 2nd. Piper Jaffray Cos. restated an “overweight” rating and issued a $14.00 price objective on shares of Novavax in a report on Wednesday, June 29th. Vetr upgraded Novavax from a “buy” rating to a “strong-buy” rating and set a $8.22 price objective on the stock in a report on Tuesday, July 5th. Zacks Investment Research downgraded Novavax from a “hold” rating to a “sell” rating in a report on Tuesday, May 3rd. Finally, Chardan Capital initiated coverage on Novavax in a report on Monday, April 4th. They issued a “neutral” rating and a $5.75 price objective on the stock. Three analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $12.19.

The company’s 50 day moving average is $6.75 and its 200 day moving average is $5.75. The company’s market cap is $2.01 billion.

Novavax (NASDAQ:NVAX) last issued its quarterly earnings results on Wednesday, May 4th. The biopharmaceutical company reported ($0.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.27) by $0.02. The firm earned $4.20 million during the quarter, compared to analyst estimates of $10.39 million. During the same quarter last year, the company earned ($0.10) EPS. The company’s quarterly revenue was down 57.6% compared to the same quarter last year. Analysts predict that Novavax Inc. will post ($0.96) earnings per share for the current year.

In other news, Director Gary C. Evans sold 18,998 shares of Novavax stock in a transaction on Monday, June 6th. The stock was sold at an average price of $6.50, for a total transaction of $123,487.00. Following the transaction, the director now owns 321,979 shares in the company, valued at $2,092,863.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Gary C. Evans sold 50,000 shares of Novavax stock in a transaction on Tuesday, May 24th. The shares were sold at an average price of $5.41, for a total value of $270,500.00. Following the transaction, the director now owns 357,111 shares in the company, valued at approximately $1,931,970.51. The disclosure for this sale can be found here.

Several hedge funds and institutional investors have modified their holdings of the stock. Tekla Capital Management LLC acquired a new position in shares of Novavax during the fourth quarter worth $3,004,000. ProShare Advisors LLC increased its position in shares of Novavax by 10.4% in the fourth quarter. ProShare Advisors LLC now owns 266,138 shares of the biopharmaceutical company’s stock worth $2,233,000 after buying an additional 25,114 shares in the last quarter. California Public Employees Retirement System increased its position in shares of Novavax by 69.4% in the fourth quarter. California Public Employees Retirement System now owns 813,000 shares of the biopharmaceutical company’s stock worth $6,821,000 after buying an additional 333,000 shares in the last quarter. TD Asset Management Inc. increased its position in shares of Novavax by 7.5% in the fourth quarter. TD Asset Management Inc. now owns 576,800 shares of the biopharmaceutical company’s stock worth $4,839,000 after buying an additional 40,000 shares in the last quarter. Finally, Rhumbline Advisers increased its position in shares of Novavax by 12.6% in the fourth quarter. Rhumbline Advisers now owns 271,881 shares of the biopharmaceutical company’s stock worth $2,281,000 after buying an additional 30,395 shares in the last quarter.

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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