Novavax (NASDAQ:NVAX) Trading Down 6.9% – Time to Sell?

Novavax, Inc. (NASDAQ:NVAX)’s stock price fell 6.9% during trading on Thursday . The stock traded as low as $8.36 and last traded at $8.2850. 1,797,652 shares were traded during trading, a decline of 63% from the average daily volume of 4,923,079 shares. The stock had previously closed at $8.90.

Analyst Ratings Changes

NVAX has been the subject of a number of analyst reports. TD Cowen raised their target price on shares of Novavax from $8.00 to $9.00 and gave the company a “hold” rating in a research note on Wednesday, May 6th. BTIG Research reissued a “buy” rating and issued a $19.00 price target on shares of Novavax in a research report on Thursday, June 11th. B. Riley Financial restated a “buy” rating on shares of Novavax in a research note on Thursday, April 9th. Jefferies Financial Group reaffirmed a “buy” rating on shares of Novavax in a research report on Thursday, March 12th. Finally, HC Wainwright lifted their price objective on Novavax from $11.00 to $16.00 and gave the company a “buy” rating in a research note on Friday, February 27th. Five research analysts have rated the stock with a Buy rating, one has given a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $13.00.

Novavax Stock Performance

The company’s 50-day moving average is $9.14 and its 200 day moving average is $8.70. The company has a market capitalization of $1.46 billion, a PE ratio of -15.31 and a beta of 2.45.

Novavax (NASDAQ:NVAX) last released its quarterly earnings data on Wednesday, May 6th. The biopharmaceutical company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.25) by $0.19. The business had revenue of $118.90 million during the quarter, compared to analyst estimates of $79.81 million. Novavax had a negative net margin of 14.73% and a negative return on equity of 14.82%. Novavax’s revenue was down 79.0% compared to the same quarter last year. During the same period last year, the business earned $2.93 EPS. On average, analysts forecast that Novavax, Inc. will post -0.19 EPS for the current fiscal year.

Hedge Funds Weigh In On Novavax

A number of hedge funds have recently added to or reduced their stakes in the company. KBC Group NV lifted its position in Novavax by 34.9% in the 1st quarter. KBC Group NV now owns 4,746 shares of the biopharmaceutical company’s stock valued at $39,000 after acquiring an additional 1,229 shares in the last quarter. Legal & General Group Plc increased its holdings in shares of Novavax by 1.0% in the 3rd quarter. Legal & General Group Plc now owns 155,743 shares of the biopharmaceutical company’s stock worth $1,350,000 after purchasing an additional 1,529 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of 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 worth $53,000 after purchasing an additional 1,617 shares during the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of Novavax by 2.3% in the second quarter. The Manufacturers Life Insurance Company now owns 78,048 shares of the biopharmaceutical company’s stock worth $492,000 after purchasing an additional 1,718 shares during the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al raised its stake in shares of Novavax by 6.4% in the fourth quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 34,663 shares of the biopharmaceutical company’s stock worth $233,000 after purchasing an additional 2,100 shares during the last quarter. 53.04% of the stock is currently owned by hedge funds and other institutional investors.

Novavax Company Profile

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.