Novavax (NASDAQ:NVAX) Sees Large Volume Increase – Should You Buy?

Shares of Novavax, Inc. (NASDAQ:NVAX) saw strong trading volume on Friday. Approximately 6,763,209 shares changed hands during mid-day trading, an increase of 35% from the previous session’s volume of 5,010,445 shares. The stock last traded at $12.0310 and had previously closed at $11.01.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on NVAX shares. BTIG Research reaffirmed a “buy” rating and issued a $19.00 target price on shares of Novavax in a research report on Thursday, June 11th. Zacks Research lowered Novavax from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 6th. Wall Street Zen upgraded Novavax from a “sell” rating to a “hold” rating in a research report on Saturday, September 12th. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of Novavax in a research report on Tuesday, August 4th. Five analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $14.00.

Novavax Stock Performance

The company has a fifty day simple moving average of $9.48 and a two-hundred day simple moving average of $9.07. The stock has a market capitalization of $2.05 billion, a price-to-earnings ratio of -8.17 and a beta of 2.44.

Novavax (NASDAQ:NVAX) last posted its quarterly earnings results on Thursday, August 6th. The biopharmaceutical company reported ($0.32) EPS for the quarter, beating analysts’ consensus estimates of ($0.38) by $0.06. The business had revenue of $56.70 million during the quarter, compared to the consensus estimate of $52.51 million. Novavax had a negative return on equity of 14.82% and a negative net margin of 59.87%.Novavax’s revenue for the quarter was down 76.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.62 earnings per share. As a group, equities analysts anticipate that Novavax, Inc. will post -0.48 earnings per share for the current year.

Institutional Investors Weigh In On Novavax

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp bought a new position in shares of Novavax in the second quarter worth about $8,004,000. Squarepoint Ops LLC bought a new stake in shares of Novavax during the second quarter worth about $1,258,000. Renaissance Technologies LLC bought a new position in shares of Novavax during the first quarter valued at $4,049,000. Edgestream Partners L.P. bought a new position in Novavax during the 1st quarter worth $4,234,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Novavax in the second quarter valued at about $739,000. 53.04% of the stock is currently owned by institutional investors.

About Novavax

Novavax, Inc is a biotechnology company focused on the discovery, development and commercialization of vaccines. The company uses its recombinant protein-based vaccine platform and Matrix-M adjuvant technology to develop vaccines designed to stimulate targeted immune responses.

Novavax’s principal commercial product is its protein-based COVID-19 vaccine, marketed in various regions under the Nuvaxovid or Novavax COVID-19 Vaccine name. The vaccine has been authorized or approved in multiple markets, including the United States, Europe and other international jurisdictions, with availability and regulatory status varying by country.