Novavax (NASDAQ:NVAX) Shares Up 10.1% – Here’s What Happened

Shares of Novavax, Inc. (NASDAQ:NVAX) were up 10.1% during trading on Friday . The company traded as high as $9.29 and last traded at $9.14. Approximately 1,504,325 shares were traded during mid-day trading, a decline of 84% from the average daily volume of 9,437,857 shares. The stock had previously closed at $8.30.

Analysts Set New Price Targets

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

Novavax Trading Up 7.7 %

The firm has a market capitalization of $1.43 billion, a price-to-earnings ratio of -3.96 and a beta of 2.02. The stock’s 50-day moving average is $9.99 and its 200-day moving average is $12.38.

Novavax (NASDAQ:NVAX) last announced its quarterly earnings results on Tuesday, November 12th. The biopharmaceutical company reported ($0.76) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.83) by $0.07. The company had revenue of $84.51 million for the quarter, compared to analyst estimates of $65.80 million. During the same quarter last year, the company posted ($1.26) earnings per share. The firm’s quarterly revenue was down 54.8% on a year-over-year basis. On average, equities research analysts anticipate that Novavax, Inc. will post -1.44 EPS for the current fiscal year.

Institutional Trading of Novavax

A number of hedge funds have recently made changes to their positions in NVAX. Banque Cantonale Vaudoise raised its holdings in Novavax by 500.0% in the 2nd quarter. Banque Cantonale Vaudoise now owns 3,000 shares of the biopharmaceutical company’s stock valued at $38,000 after buying an additional 2,500 shares during the last quarter. Amalgamated Bank raised its stake in shares of Novavax by 26.9% during the second quarter. Amalgamated Bank now owns 4,887 shares of the biopharmaceutical company’s stock valued at $62,000 after acquiring an additional 1,036 shares during the last quarter. Signaturefd LLC lifted its holdings in shares of Novavax by 214.5% during the second quarter. Signaturefd LLC now owns 5,680 shares of the biopharmaceutical company’s stock worth $72,000 after purchasing an additional 3,874 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Novavax by 38.1% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,790 shares of the biopharmaceutical company’s stock worth $77,000 after purchasing an additional 1,598 shares during the last quarter. Finally, Midland Wealth Advisors LLC acquired a new stake in Novavax in the second quarter valued at $152,000. 53.04% of the stock is 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.