Novavax (NASDAQ:NVAX) Reaches New 1-Year High After Earnings Beat

Shares of Novavax, Inc. (NASDAQ:NVAX) hit a new 52-week high during trading on Thursday following a stronger than expected earnings report. The company traded as high as $11.32 and last traded at $11.2660, with a volume of 4677968 shares trading hands. The stock had previously closed at $9.53.

The biopharmaceutical company reported $0.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.66) by $0.77. The company had revenue of $136.40 million during the quarter, compared to analysts’ expectations of $90.26 million. Novavax had a net margin of 32.10% and a negative return on equity of 217.02%. Novavax’s quarterly revenue was up 66.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.51) earnings per share.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on NVAX shares. Wall Street Zen lowered shares of Novavax from a “hold” rating to a “sell” rating in a report on Saturday, January 31st. BTIG Research reaffirmed a “buy” rating and set a $19.00 price objective on shares of Novavax in a research note on Tuesday, January 20th. JPMorgan Chase & Co. decreased their target price on Novavax from $7.00 to $6.00 and set an “underweight” rating for the company in a research note on Tuesday, November 18th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Novavax in a research report on Monday, December 29th. Finally, B. Riley Financial reiterated a “buy” rating and issued a $16.00 price objective (down from $18.00) on shares of Novavax in a research report on Monday, November 10th. Four equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $11.25.

Institutional Investors Weigh In On Novavax

A number of institutional investors have recently made changes to their positions in the company. Flagship Harbor Advisors LLC bought a new stake in Novavax in the fourth quarter valued at approximately $33,000. Quarry LP bought a new stake in Novavax in the third quarter worth approximately $33,000. State of Wyoming acquired a new position in Novavax in the second quarter valued at approximately $52,000. Mirae Asset Global Investments Co. Ltd. lifted its stake in Novavax by 25.8% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 7,896 shares of the biopharmaceutical company’s stock valued at $53,000 after buying an additional 1,617 shares during the period. Finally, Danske Bank A S bought a new position in shares of Novavax during the 3rd quarter worth approximately $64,000. Institutional investors own 53.04% of the company’s stock.

Novavax Trading Up 19.9%

The firm’s 50-day moving average price is $8.18 and its 200 day moving average price is $8.00. The company has a market cap of $1.86 billion, a price-to-earnings ratio of 6.36 and a beta of 2.58. The company has a current ratio of 2.27, a quick ratio of 2.24 and a debt-to-equity ratio of 5.93.

About Novavax

Novavax, Inc is a clinical-stage biotechnology company headquartered in Gaithersburg, Maryland, that specializes in the discovery, development and commercialization of next-generation vaccines to prevent serious infectious diseases. Founded in 1987, the company has built a platform based on recombinant nanoparticle technology and its proprietary Matrix-M™ adjuvant to enhance immune responses.

The company’s lead product is NVX-CoV2373, a protein-based vaccine designed to elicit a robust immune response against the SARS-CoV-2 virus.