Novavax (NASDAQ:NVAX) Trading Up 8.9% – Here’s What Happened

Novavax, Inc. (NASDAQ:NVAX)’s share price was up 8.9% during mid-day trading on Monday . The stock traded as high as $9.30 and last traded at $9.22. Approximately 2,390,085 shares were traded during mid-day trading, a decline of 75% from the average daily volume of 9,647,690 shares. The stock had previously closed at $8.47.

Analyst Ratings Changes

Several research analysts have recently issued reports on NVAX shares. JPMorgan Chase & Co. upped their price objective on Novavax from $8.00 to $9.00 and gave the company an “underweight” rating in a research note on Monday, August 12th. B. Riley reissued a “buy” rating and set a $26.00 target price (up previously from $23.00) on shares of Novavax in a research report on Thursday, October 10th. HC Wainwright reissued a “buy” rating and set a $19.00 target price on shares of Novavax in a research report on Tuesday, November 12th. Finally, Jefferies Financial Group decreased their target price on shares of Novavax from $31.00 to $25.00 and set a “buy” rating for the company in a research report on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, Novavax currently has an average rating of “Hold” and an average price target of $17.83.

Novavax Stock Performance

The stock has a market capitalization of $1.38 billion, a P/E ratio of -3.87 and a beta of 2.10. The business has a fifty day simple moving average of $10.64 and a 200-day simple moving average of $12.66.

Novavax (NASDAQ:NVAX) last posted its quarterly earnings results on Tuesday, November 12th. The biopharmaceutical company reported ($0.76) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.83) by $0.07. The business had revenue of $84.51 million for the quarter, compared to the consensus estimate of $65.80 million. During the same quarter in the previous year, the company posted ($1.26) earnings per share. Novavax’s quarterly revenue was down 54.8% on a year-over-year basis. On average, sell-side analysts anticipate that Novavax, Inc. will post -1.4 earnings per share for the current year.

Institutional Investors Weigh In On Novavax

Large investors have recently made changes to their positions in the business. Banque Cantonale Vaudoise increased its position in shares of Novavax by 500.0% during the 2nd quarter. Banque Cantonale Vaudoise now owns 3,000 shares of the biopharmaceutical company’s stock valued at $38,000 after purchasing an additional 2,500 shares during the last quarter. Amalgamated Bank increased its holdings in Novavax by 26.9% in the 2nd quarter. Amalgamated Bank now owns 4,887 shares of the biopharmaceutical company’s stock worth $62,000 after acquiring an additional 1,036 shares during the last quarter. Swedbank AB purchased a new stake in Novavax in the 1st quarter worth about $26,000. Signaturefd LLC increased its holdings in Novavax by 214.5% in the 2nd quarter. Signaturefd LLC now owns 5,680 shares of the biopharmaceutical company’s stock worth $72,000 after acquiring an additional 3,874 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in Novavax by 38.1% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,790 shares of the biopharmaceutical company’s stock worth $77,000 after acquiring an additional 1,598 shares during the last quarter. 53.04% of the stock is owned by hedge funds and other institutional investors.

About Novavax

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.