Zacks Investment Research Upgrades Novavax (NASDAQ:NVAX) to “Buy”

Novavax (NASDAQ:NVAX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Thursday, Zacks.com reports. The firm currently has a $60.00 price target on the biopharmaceutical company’s stock. Zacks Investment Research‘s price objective points to a potential upside of 30.12% from the stock’s previous close.

According to Zacks, “NOVAVAX INC is a specialty biopharmaceutical company engaged in the research, development and commercialization of proprietary products focused on women’s health and infectious diseases. Their technology platforms involve the use of proprietary, microscopic, organized, non-phospholipid structures as vehicles for the delivery of a wide variety of drugs and other therapeutic products, including certain hormones, anti-bacterial and anti-viral products and vaccine adjuvants. “

Other research analysts have also recently issued research reports about the stock. Oppenheimer upped their price target on shares of Novavax from $19.00 to $38.50 and gave the stock an “outperform” rating in a report on Tuesday, May 12th. ValuEngine raised shares of Novavax from a “hold” rating to a “buy” rating in a report on Thursday, April 2nd. B. Riley upped their price target on shares of Novavax from $43.00 to $53.00 and gave the stock a “buy” rating in a report on Monday, May 18th. Cantor Fitzgerald upped their price target on shares of Novavax from $23.00 to $45.00 and gave the stock an “overweight” rating in a report on Tuesday, May 12th. Finally, BidaskClub raised shares of Novavax from a “buy” rating to a “strong-buy” rating in a report on Friday, May 15th. Eight equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $44.50.

Shares of NVAX stock opened at $46.11 on Thursday. The company’s fifty day simple moving average is $23.87 and its two-hundred day simple moving average is $10.98. Novavax has a 1 year low of $3.54 and a 1 year high of $61.50. The stock has a market capitalization of $3.06 billion, a price-to-earnings ratio of -11.14 and a beta of 0.83.

Novavax (NASDAQ:NVAX) last issued its earnings results on Monday, May 11th. The biopharmaceutical company reported ($0.58) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.67) by $0.09. The business had revenue of $3.38 million for the quarter, compared to the consensus estimate of $3.50 million. During the same period in the previous year, the firm earned ($2.20) EPS. As a group, analysts forecast that Novavax will post -1.84 EPS for the current fiscal year.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in NVAX. Ameritas Investment Partners Inc. increased its stake in Novavax by 42.2% in the first quarter. Ameritas Investment Partners Inc. now owns 2,326 shares of the biopharmaceutical company’s stock valued at $32,000 after acquiring an additional 690 shares during the last quarter. Victory Capital Management Inc. increased its stake in Novavax by 36.1% in the fourth quarter. Victory Capital Management Inc. now owns 5,406 shares of the biopharmaceutical company’s stock valued at $41,000 after acquiring an additional 1,433 shares during the last quarter. Raymond James & Associates bought a new position in Novavax in the fourth quarter valued at $47,000. American International Group Inc. increased its stake in Novavax by 10.2% in the fourth quarter. American International Group Inc. now owns 16,638 shares of the biopharmaceutical company’s stock valued at $66,000 after acquiring an additional 1,535 shares during the last quarter. Finally, Ikarian Capital LLC bought a new position in Novavax in the fourth quarter valued at $100,000. 14.16% of the stock is currently owned by institutional investors and hedge funds.

Novavax Company Profile

Novavax, Inc, together with its subsidiary, Novavax AB, a late-stage biotechnology company, focuses on the discovery, development, and commercialization of vaccines to prevent serious infectious diseases. The company's lead vaccine candidates include ResVax, a respiratory syncytial virus (RSV) fusion (F) protein recombinant nanoparticle vaccine with aluminum phosphate as an adjuvant that is in Phase III clinical trial to protect infants from RSV disease through maternal immunization; and NanoFlu, which is in Phase II clinical trial for treating seasonal influenza in older adults.

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