Novavax (NASDAQ:NVAX) Stock Price Down 6% – Here’s Why

Novavax, Inc. (NASDAQ:NVAX) shares traded down 6% during mid-day trading on Tuesday . The stock traded as low as $8.73 and last traded at $8.76. 2,158,234 shares traded hands during trading, a decline of 78% from the average session volume of 9,628,119 shares. The stock had previously closed at $9.32.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on NVAX. Jefferies Financial Group reduced their target price on shares of Novavax from $31.00 to $25.00 and set a “buy” rating for the company in a research report on Wednesday, October 16th. B. Riley reiterated 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 set a $19.00 target price on shares of Novavax in a report on Tuesday, November 12th. Finally, JPMorgan Chase & Co. increased their price target on Novavax from $8.00 to $9.00 and gave the company an “underweight” rating in a report on Monday, August 12th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, Novavax currently has a consensus rating of “Hold” and an average price target of $17.83.

Novavax Trading Down 1.5 %

The firm has a market cap of $1.38 billion, a price-to-earnings ratio of -3.81 and a beta of 2.10. The stock’s fifty day moving average price is $10.57 and its 200-day moving average price is $12.63.

Novavax (NASDAQ:NVAX) last announced its quarterly earnings results on Tuesday, November 12th. The biopharmaceutical company reported ($0.76) EPS for the quarter, beating the consensus estimate of ($0.83) by $0.07. The business had revenue of $84.51 million during the quarter, compared to analyst estimates of $65.80 million. The business’s revenue for the quarter was down 54.8% on a year-over-year basis. During the same period last year, the company earned ($1.26) EPS. Analysts predict that Novavax, Inc. will post -1.4 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Swedbank AB acquired a new position in shares of Novavax in the 1st quarter worth approximately $26,000. Banque Cantonale Vaudoise raised its position in Novavax by 500.0% in the second quarter. Banque Cantonale Vaudoise now owns 3,000 shares of the biopharmaceutical company’s stock valued at $38,000 after purchasing an additional 2,500 shares during the period. Amalgamated Bank lifted its stake in Novavax by 26.9% during the second quarter. Amalgamated Bank now owns 4,887 shares of the biopharmaceutical company’s stock worth $62,000 after purchasing an additional 1,036 shares in the last quarter. Signaturefd LLC boosted its position 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 buying an additional 3,874 shares during the period. Finally, 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 valued at $77,000 after buying an additional 1,598 shares in the last quarter. Hedge funds and other institutional investors own 53.04% of the company’s stock.

Novavax Company Profile

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.