Bank of America Raises Novavax (NASDAQ:NVAX) Price Target to $18.00

Novavax (NASDAQ:NVAX) had its target price lifted by Bank of America from $12.00 to $18.00 in a research report released on Friday morning, Benzinga reports. They currently have a neutral rating on the biopharmaceutical company’s stock.

NVAX has been the subject of several other reports. HC Wainwright reiterated a buy rating and issued a $19.00 price target on shares of Novavax in a report on Monday, May 13th. JPMorgan Chase & Co. upgraded Novavax from an underweight rating to a neutral rating in a report on Friday, May 10th. B. Riley boosted their price target on Novavax from $11.00 to $29.00 and gave the company a buy rating in a report on Thursday, May 23rd. Finally, TD Cowen boosted their price objective on shares of Novavax from $5.00 to $10.00 and gave the company a hold rating in a research note on Monday, May 13th. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of Hold and an average target price of $19.00.

Novavax Stock Performance

Shares of NVAX opened at $14.40 on Friday. The stock has a fifty day moving average of $10.08 and a two-hundred day moving average of $6.65. The company has a market capitalization of $2.02 billion, a PE ratio of -4.54, a price-to-earnings-growth ratio of 0.85 and a beta of 1.96. Novavax has a fifty-two week low of $3.53 and a fifty-two week high of $23.86.

Novavax (NASDAQ:NVAX) last issued its quarterly earnings results on Friday, May 10th. The biopharmaceutical company reported ($1.05) earnings per share for the quarter, missing the consensus estimate of ($1.04) by ($0.01). The business had revenue of $93.90 million during the quarter, compared to the consensus estimate of $71.32 million. The business’s revenue was up 15.9% compared to the same quarter last year. During the same period in the previous year, the business earned ($3.41) EPS. As a group, equities research analysts forecast that Novavax will post 0.36 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Filip Dubovsky sold 47,312 shares of the business’s stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $13.90, for a total transaction of $657,636.80. Following the completion of the sale, the insider now directly owns 38,953 shares of the company’s stock, valued at approximately $541,446.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.90% of the company’s stock.

Institutional Trading of Novavax

A number of institutional investors have recently added to or reduced their stakes in NVAX. Swedbank AB purchased a new stake in Novavax during the 1st quarter worth $26,000. Herr Investment Group LLC purchased a new stake in Novavax during the 1st quarter worth $48,000. Alpine Global Management LLC purchased a new stake in Novavax during the 1st quarter worth $49,000. Ameritas Investment Partners Inc. boosted its position in Novavax by 31.6% during the 1st quarter. Ameritas Investment Partners Inc. now owns 11,298 shares of the biopharmaceutical company’s stock worth $54,000 after purchasing an additional 2,711 shares during the period. Finally, Edgestream Partners L.P. boosted its position in Novavax by 23.7% during the 1st quarter. Edgestream Partners L.P. now owns 12,753 shares of the biopharmaceutical company’s stock worth $61,000 after purchasing an additional 2,447 shares during the period. 53.04% of the stock is owned by hedge funds and other institutional investors.

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.