Novavax (NASDAQ:NVAX) Shares Up 10.5% – Here’s Why

Shares of Novavax, Inc. (NASDAQ:NVAX) shot up 10.5% during trading on Monday. The stock traded as high as $11.25 and last traded at $11.5620. Approximately 3,160,292 shares traded hands during mid-day trading, a decline of 34% from the average daily volume of 4,772,155 shares. The stock had previously closed at $10.46.

Analyst Ratings Changes

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

Novavax Trading Up 12.7%

The stock’s 50-day moving average price is $9.15 and its 200-day moving average price is $9.03. The company has a market cap of $1.94 billion, a P/E ratio of -7.72 and a beta of 2.44.

Novavax (NASDAQ:NVAX) last issued its 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 analyst estimates of $52.51 million. Novavax had a negative return on equity of 14.82% and a negative net margin of 59.87%.The firm’s revenue was down 76.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.62 EPS. On average, research analysts anticipate that Novavax, Inc. will post -0.46 earnings per share for the current fiscal year.

Institutional Trading of Novavax

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Integrated Wealth Concepts LLC bought a new position in shares of Novavax in the second quarter valued at $42,000. Squarepoint Ops LLC acquired a new stake in shares of Novavax in the 2nd quarter worth about $1,258,000. Allworth Financial LP raised its holdings in shares of Novavax by 292.5% in the 2nd quarter. Allworth Financial LP now owns 4,353 shares of the biopharmaceutical company’s stock worth $41,000 after acquiring an additional 3,244 shares during the last quarter. Corient Private Wealth LP bought a new position in Novavax in the 2nd quarter valued at about $155,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Novavax in the 2nd quarter valued at about $739,000. Institutional investors own 53.04% of the company’s stock.

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.