Novavax (NASDAQ:NVAX) Trading Up 8.9% – Here’s What Happened

Novavax, Inc. (NASDAQ:NVAX) shares were up 8.9% on Monday . The stock traded as high as $9.30 and last traded at $9.22. Approximately 2,390,085 shares were traded during mid-day trading, a decline of 75% from the average daily volume of 9,647,690 shares. The stock had previously closed at $8.47.

Analyst Ratings Changes

Several equities research analysts recently weighed in on NVAX shares. B. Riley reissued a “buy” rating and issued a $26.00 price objective (up previously from $23.00) on shares of Novavax in a report on Thursday, October 10th. HC Wainwright restated a “buy” rating and issued a $19.00 target price on shares of Novavax in a research note on Tuesday, November 12th. Jefferies Financial Group cut their target price on Novavax from $31.00 to $25.00 and set a “buy” rating for the company in a research note on Wednesday, October 16th. Finally, JPMorgan Chase & Co. raised their target price on Novavax from $8.00 to $9.00 and gave the stock an “underweight” rating in a research note on Monday, August 12th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $17.83.

Novavax Stock Performance

The stock has a market cap of $1.38 billion, a P/E ratio of -3.87 and a beta of 2.10. The stock has a 50-day moving average price of $10.64 and a 200-day moving average price of $12.66.

Novavax (NASDAQ:NVAX) last issued its quarterly earnings results on Tuesday, November 12th. The biopharmaceutical company reported ($0.76) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.83) by $0.07. The business had revenue of $84.51 million for the quarter, compared to the consensus estimate of $65.80 million. The business’s revenue was down 54.8% compared to the same quarter last year. During the same quarter last year, the business posted ($1.26) EPS. Sell-side analysts forecast that Novavax, Inc. will post -1.4 earnings per share for the current fiscal year.

Institutional Trading of Novavax

A number of hedge funds have recently bought and sold shares of NVAX. ProShare Advisors LLC lifted its position in Novavax by 29.9% in the 1st quarter. ProShare Advisors LLC now owns 37,203 shares of the biopharmaceutical company’s stock worth $178,000 after buying an additional 8,570 shares during the last quarter. State Board of Administration of Florida Retirement System lifted its position in Novavax by 236.2% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 83,613 shares of the biopharmaceutical company’s stock worth $400,000 after buying an additional 58,746 shares during the last quarter. American International Group Inc. lifted its position in Novavax by 17.9% in the 1st quarter. American International Group Inc. now owns 55,832 shares of the biopharmaceutical company’s stock worth $267,000 after buying an additional 8,492 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in Novavax by 17.0% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 56,065 shares of the biopharmaceutical company’s stock worth $269,000 after buying an additional 8,128 shares during the last quarter. Finally, California State Teachers Retirement System lifted its position in Novavax by 11.3% in the 1st quarter. California State Teachers Retirement System now owns 107,511 shares of the biopharmaceutical company’s stock worth $514,000 after buying an additional 10,949 shares during the last quarter. Institutional investors own 53.04% of the company’s stock.

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.