Novavax (NASDAQ:NVAX) Trading Down 6.9% – Here’s Why

Novavax, Inc. (NASDAQ:NVAX) shares were down 6.9% during trading on Thursday . The company traded as low as $8.36 and last traded at $8.2850. Approximately 1,797,652 shares traded hands during trading, a decline of 63% from the average session volume of 4,923,079 shares. The stock had previously closed at $8.90.

Analyst Upgrades and Downgrades

NVAX has been the topic of a number of recent research reports. Weiss Ratings downgraded Novavax from a “hold (c-)” rating to a “sell (d)” rating in a research report on Thursday, May 7th. HC Wainwright raised their price objective on Novavax from $11.00 to $16.00 and gave the stock a “buy” rating in a research report on Friday, February 27th. Jefferies Financial Group reissued a “buy” rating on shares of Novavax in a report on Thursday, March 12th. TD Cowen boosted their price objective on Novavax from $8.00 to $9.00 and gave the company a “hold” rating in a research report on Wednesday, May 6th. Finally, BTIG Research restated a “buy” rating and issued a $19.00 target price on shares of Novavax in a research note on Thursday, June 11th. Five research analysts have rated the stock with a Buy rating, one has issued a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $13.00.

Novavax Price Performance

The firm has a market cap of $1.38 billion, a P/E ratio of -14.49 and a beta of 2.45. The stock’s 50 day moving average is $9.13 and its two-hundred day moving average is $8.69.

Novavax (NASDAQ:NVAX) last announced its quarterly earnings results on Wednesday, May 6th. The biopharmaceutical company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.25) by $0.19. Novavax had a negative net margin of 14.73% and a negative return on equity of 14.82%. The firm had revenue of $118.90 million during the quarter, compared to analysts’ expectations of $79.81 million. During the same quarter last year, the company earned $2.93 earnings per share. The company’s revenue for the quarter was down 79.0% compared to the same quarter last year. As a group, research analysts forecast that Novavax, Inc. will post -0.19 EPS for the current fiscal year.

Institutional Trading of Novavax

A number of large investors have recently bought and sold shares of the stock. Flagship Harbor Advisors LLC acquired a new position in shares of Novavax in the 4th quarter worth approximately $33,000. Quarry LP acquired a new stake in shares of Novavax in the third quarter valued at approximately $33,000. Duncker Streett & Co. Inc. raised its position in Novavax by 917.3% in the 1st quarter. Duncker Streett & Co. Inc. now owns 4,242 shares of the biopharmaceutical company’s stock worth $35,000 after purchasing an additional 3,825 shares during the last quarter. KBC Group NV lifted its stake in shares of Novavax by 34.9% during the first quarter. KBC Group NV now owns 4,746 shares of the biopharmaceutical company’s stock valued at $39,000 after acquiring an additional 1,229 shares during the period. Finally, State of Wyoming bought a new position in Novavax in the second quarter valued at about $52,000. 53.04% of the stock is currently owned by institutional investors.

About Novavax

Novavax, Inc is a clinical-stage biotechnology company headquartered in Gaithersburg, Maryland, that specializes in the discovery, development and commercialization of next-generation vaccines to prevent serious infectious diseases. Founded in 1987, the company has built a platform based on recombinant nanoparticle technology and its proprietary Matrix-M™ adjuvant to enhance immune responses.

The company’s lead product is NVX-CoV2373, a protein-based vaccine designed to elicit a robust immune response against the SARS-CoV-2 virus.