Novavax (NASDAQ:NVAX) Stock Price Up 11.6% – What’s Next?

Novavax, Inc. (NASDAQ:NVAX)’s share price rose 11.6% during trading on Tuesday . The company traded as high as $10.36 and last traded at $10.28. Approximately 2,581,551 shares were traded during mid-day trading, a decline of 47% from the average daily volume of 4,872,616 shares. The stock had previously closed at $9.21.

Analysts Set New Price Targets

NVAX has been the subject of a number of research reports. HC Wainwright lifted their price objective on shares of Novavax from $11.00 to $16.00 and gave the stock a “buy” rating in a report on Friday, February 27th. B. Riley Financial reaffirmed a “buy” rating on shares of Novavax in a report on Thursday, April 9th. TD Cowen lifted their price objective on shares of Novavax from $8.00 to $9.00 and gave the stock a “hold” rating in a report on Wednesday, May 6th. Wall Street Zen downgraded shares of Novavax from a “hold” rating to a “sell” rating in a report on Saturday. Finally, Jefferies Financial Group reaffirmed a “buy” rating on shares of Novavax in a report on Thursday, March 12th. Five investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat, Novavax currently has a consensus rating of “Hold” and an average price target of $12.13.

Novavax Price Performance

The company has a market cap of $1.71 billion, a price-to-earnings ratio of -17.90 and a beta of 2.37. The firm’s fifty day moving average price is $8.83 and its 200-day moving average price is $8.28.

Novavax (NASDAQ:NVAX) last announced its quarterly earnings results on Wednesday, May 6th. The biopharmaceutical company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.25) by $0.19. Novavax had a negative net margin of 14.73% and a negative return on equity of 14.82%. The company had revenue of $118.90 million during the quarter, compared to the consensus estimate of $79.81 million. During the same quarter in the previous year, the company posted $2.93 earnings per share. The company’s revenue for the quarter was down 79.0% compared to the same quarter last year. As a group, equities analysts forecast that Novavax, Inc. will post -0.2 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Novavax

Hedge funds and other institutional investors have recently modified their holdings of the company. Flagship Harbor Advisors LLC acquired a new position in shares of Novavax during the fourth quarter valued at $33,000. Quarry LP acquired a new position in shares of Novavax during the third quarter valued at $33,000. Duncker Streett & Co. Inc. raised its stake in shares of Novavax by 917.3% during the first quarter. Duncker Streett & Co. Inc. now owns 4,242 shares of the biopharmaceutical company’s stock valued at $35,000 after purchasing an additional 3,825 shares in the last quarter. KBC Group NV raised its stake in shares of Novavax by 34.9% during the first quarter. KBC Group NV now owns 4,746 shares of the biopharmaceutical company’s stock valued at $39,000 after purchasing an additional 1,229 shares in the last quarter. Finally, State of Wyoming bought a new stake in shares of Novavax during the second quarter valued at about $52,000. Institutional investors and hedge funds own 53.04% of the company’s stock.

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.