Novavax (NASDAQ:NVAX) Stock Price Down 20.9% – Here’s What Happened

Novavax, Inc. (NASDAQ:NVAX) shares dropped 20.9% during trading on Thursday . The stock traded as low as $5.01 and last traded at $5.34. Approximately 6,703,629 shares were traded during mid-day trading, a decline of 18% from the average daily volume of 8,127,572 shares. The stock had previously closed at $6.75.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on NVAX. TD Cowen upgraded shares of Novavax to a “hold” rating in a research note on Thursday, February 27th. BTIG Research began coverage on Novavax in a research report on Friday, February 28th. They issued a “buy” rating and a $19.00 price target for the company. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $18.00.

Novavax Price Performance

The stock has a market cap of $942.55 million, a P/E ratio of -2.59, a PEG ratio of 2.85 and a beta of 3.15. The firm’s fifty day moving average price is $7.48 and its two-hundred day moving average price is $8.82.

Novavax (NASDAQ:NVAX) last posted its earnings results on Thursday, February 27th. The biopharmaceutical company reported ($0.51) EPS for the quarter, topping the consensus estimate of ($0.75) by $0.24. The business had revenue of $88.31 million for the quarter, compared to analysts’ expectations of $85.48 million. During the same quarter in the previous year, the firm earned ($1.44) earnings per share. On average, research analysts expect that Novavax, Inc. will post -1.46 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Novavax

Several hedge funds have recently bought and sold shares of the stock. E Fund Management Co. Ltd. boosted its holdings in shares of Novavax by 5.1% in the 4th quarter. E Fund Management Co. Ltd. now owns 25,340 shares of the biopharmaceutical company’s stock worth $204,000 after purchasing an additional 1,219 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Novavax by 0.4% in the fourth quarter. Bank of New York Mellon Corp now owns 436,451 shares of the biopharmaceutical company’s stock worth $3,509,000 after buying an additional 1,664 shares in the last quarter. Federated Hermes Inc. grew its position in Novavax by 4.4% during the fourth quarter. Federated Hermes Inc. now owns 50,506 shares of the biopharmaceutical company’s stock valued at $406,000 after acquiring an additional 2,124 shares during the last quarter. Summit Investment Advisors Inc. raised its stake in shares of Novavax by 16.5% during the fourth quarter. Summit Investment Advisors Inc. now owns 16,126 shares of the biopharmaceutical company’s stock worth $130,000 after acquiring an additional 2,287 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. lifted its holdings in shares of Novavax by 10.3% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 33,965 shares of the biopharmaceutical company’s stock worth $273,000 after acquiring an additional 3,174 shares during the last quarter. 53.04% of the stock is currently owned by institutional investors.

Novavax Company Profile

Novavax, Inc, a biotechnology company, that promotes improved health by discovering, developing, and commercializing vaccines to protect against serious infectious diseases. It offers vaccine platform that combines a recombinant protein approach, nanoparticle technology, and its patented Matrix-M adjuvant to enhance the immune response.