JPMorgan Chase & Co. Cuts Novavax (NASDAQ:NVAX) Price Target to $7.00

Novavax (NASDAQ:NVAX) had its target price lowered by JPMorgan Chase & Co. from $9.00 to $7.00 in a report released on Friday morning,Benzinga reports. JPMorgan Chase & Co. currently has an underweight rating on the biopharmaceutical company’s stock.

A number of other research analysts also recently issued reports on the stock. BTIG Research assumed coverage on shares of Novavax in a research report on Friday, February 28th. They issued a “buy” rating and a $19.00 price objective on the stock. TD Cowen raised shares of Novavax to a “hold” rating in a report on Thursday, February 27th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, Novavax currently has an average rating of “Hold” and a consensus price target of $17.71.

Novavax Stock Down 10.1 %

Novavax stock opened at $5.99 on Friday. The firm has a market cap of $963.46 million, a P/E ratio of -2.65, a P/E/G ratio of 2.85 and a beta of 3.21. The business has a fifty day moving average of $6.86 and a two-hundred day moving average of $8.03. Novavax has a twelve month low of $5.01 and a twelve month high of $23.86.

Novavax (NASDAQ:NVAX) last issued its quarterly earnings data on Friday, May 9th. The biopharmaceutical company reported $2.93 earnings per share for the quarter, topping analysts’ consensus estimates of $0.19 by $2.74. The company had revenue of $666.66 million for the quarter, compared to analysts’ expectations of $204.08 million. During the same quarter last year, the company earned ($1.05) earnings per share. The company’s revenue for the quarter was up 610.3% compared to the same quarter last year. Equities analysts expect that Novavax will post -1.46 earnings per share for the current year.

Institutional Trading of Novavax

Institutional investors have recently bought and sold shares of the stock. Jupiter Asset Management Ltd. purchased a new position in shares of Novavax in the first quarter worth $1,907,000. Monaco Asset Management SAM increased its position in shares of Novavax by 1.8% in the 1st quarter. Monaco Asset Management SAM now owns 290,000 shares of the biopharmaceutical company’s stock valued at $1,859,000 after acquiring an additional 5,000 shares during the period. Bayforest Capital Ltd purchased a new position in Novavax in the 1st quarter worth $404,000. XTX Topco Ltd acquired a new stake in Novavax during the 1st quarter worth about $435,000. Finally, Federated Hermes Inc. grew its stake in Novavax by 11.1% during the 1st quarter. Federated Hermes Inc. now owns 56,124 shares of the biopharmaceutical company’s stock valued at $360,000 after purchasing an additional 5,618 shares during the last quarter. 53.04% of the stock is currently owned by institutional investors and hedge funds.

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.