Novavax (NVAX) Shares Down 7.3%

Novavax, Inc. (NASDAQ:NVAX)’s share price dropped 7.3% during trading on Wednesday . The company traded as low as $2.03 and last traded at $2.03. Approximately 11,256,259 shares traded hands during trading, an increase of 130% from the average daily volume of 4,903,933 shares. The stock had previously closed at $2.19.

NVAX has been the subject of a number of recent analyst reports. Zacks Investment Research upgraded Novavax from a “hold” rating to a “buy” rating and set a $1.50 target price for the company in a report on Tuesday, August 14th. JPMorgan Chase & Co. upgraded Novavax from an “underweight” rating to an “overweight” rating and upped their target price for the company from $2.00 to $2.25 in a report on Friday, September 21st. BidaskClub upgraded Novavax from a “strong sell” rating to a “sell” rating in a report on Saturday, September 22nd. Cantor Fitzgerald set a $2.00 target price on Novavax and gave the company a “hold” rating in a report on Wednesday, September 26th. Finally, B. Riley set a $10.00 target price on Novavax and gave the company a “buy” rating in a report on Monday, October 8th. Four investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $3.36.

The firm has a market cap of $792.50 million, a P/E ratio of -3.22 and a beta of 2.49.

Novavax (NASDAQ:NVAX) last issued its quarterly earnings results on Wednesday, November 7th. The biopharmaceutical company reported ($0.12) earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.12). The firm had revenue of $7.70 million during the quarter, compared to analysts’ expectations of $9.63 million. Novavax’s revenue for the quarter was down 8.3% on a year-over-year basis. During the same period in the previous year, the company earned ($0.15) earnings per share. Sell-side analysts predict that Novavax, Inc. will post -0.52 earnings per share for the current year.

A number of hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in Novavax by 6.1% in the third quarter. Vanguard Group Inc. now owns 22,331,455 shares of the biopharmaceutical company’s stock worth $41,982,000 after purchasing an additional 1,291,644 shares during the period. B. Riley Financial Inc. grew its stake in Novavax by 35.1% in the third quarter. B. Riley Financial Inc. now owns 359,194 shares of the biopharmaceutical company’s stock worth $675,000 after purchasing an additional 93,300 shares during the period. Teachers Advisors LLC grew its stake in Novavax by 6.6% in the third quarter. Teachers Advisors LLC now owns 808,255 shares of the biopharmaceutical company’s stock worth $1,520,000 after purchasing an additional 50,011 shares during the period. MetLife Investment Advisors LLC grew its stake in Novavax by 52.6% in the third quarter. MetLife Investment Advisors LLC now owns 284,027 shares of the biopharmaceutical company’s stock worth $534,000 after purchasing an additional 97,901 shares during the period. Finally, Pacer Advisors Inc. purchased a new stake in Novavax in the third quarter worth $113,000. 40.87% of the stock is currently owned by institutional investors.

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About Novavax (NASDAQ:NVAX)

Novavax, Inc, together with its subsidiary, Novavax AB, a clinical-stage biotechnology company, focuses on the discovery, development, and commercialization of recombinant nanoparticle vaccines and adjuvants. Its lead adjuvant is Matrix-M that is used to enable a vaccine to enhance the amplitude of the immune response and qualitatively change it, enhance its specificity to provide protection against related microorganisms, as well as allows immunization with much lower doses of antigen.

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