Wedbush Lowers Novavax Inc. (NVAX) to Neutral
Wedbush downgraded shares of Novavax Inc. (NASDAQ:NVAX) from an outperform rating to a neutral rating in a report released on Friday. The brokerage currently has $2.00 price objective on the biopharmaceutical company’s stock, down from their previous price objective of $14.00.
A number of other equities research analysts have also recently commented on NVAX. Zacks Investment Research upgraded Novavax from a sell rating to a hold rating in a research note on Friday, June 10th. Vetr upgraded Novavax from a buy rating to a strong-buy rating and set a $8.35 target price on the stock in a research note on Wednesday, July 13th. Chardan Capital reiterated a hold rating and set a $5.75 target price on shares of Novavax in a research note on Sunday, August 14th. Finally, Citigroup Inc. lifted their target price on Novavax from $10.00 to $12.00 and gave the stock a buy rating in a research note on Thursday, July 28th. Seven analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of Hold and an average target price of $7.06.
Shares of Novavax (NASDAQ:NVAX) opened at 1.46 on Friday. The company’s 50-day moving average is $6.84 and its 200 day moving average is $6.19. Novavax has a 52-week low of $1.16 and a 52-week high of $9.88. The company’s market cap is $395.42 million.
Novavax (NASDAQ:NVAX) last released its earnings results on Tuesday, August 9th. The biopharmaceutical company reported ($0.29) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.25) by $0.04. The business had revenue of $2.50 million for the quarter, compared to the consensus estimate of $8.03 million. Novavax had a negative return on equity of 112.45% and a negative net margin of 1,405.84%. The company’s revenue for the quarter was down 82.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.08) earnings per share. On average, analysts anticipate that Novavax will post ($1.09) EPS for the current year.
Hedge funds and other institutional investors have recently modified their holdings of the company. State Street Corp raised its position in shares of Novavax by 40.1% in the first quarter. State Street Corp now owns 12,320,840 shares of the biopharmaceutical company’s stock valued at $63,579,000 after buying an additional 3,527,714 shares during the last quarter. Wellington Management Group LLP raised its position in shares of Novavax by 43.4% in the first quarter. Wellington Management Group LLP now owns 12,711,938 shares of the biopharmaceutical company’s stock valued at $65,593,000 after buying an additional 3,849,585 shares during the last quarter. Bellevue Group AG acquired a new position in shares of Novavax during the first quarter valued at approximately $1,677,000. DIAM Co. Ltd. raised its position in shares of Novavax by 2.6% in the second quarter. DIAM Co. Ltd. now owns 646,515 shares of the biopharmaceutical company’s stock valued at $4,635,000 after buying an additional 16,660 shares during the last quarter. Finally, Mckinley Capital Management LLC Delaware raised its position in shares of Novavax by 99.5% in the second quarter. Mckinley Capital Management LLC Delaware now owns 980,955 shares of the biopharmaceutical company’s stock valued at $7,132,000 after buying an additional 489,306 shares during the last quarter. 79.84% of the stock is owned by institutional investors.
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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