Novavax (NASDAQ:NVAX) Stock Price Up 6.6% – Should You Buy?

Shares of Novavax, Inc. (NASDAQ:NVAX) rose 6.6% on Thursday . The stock traded as high as $8.67 and last traded at $8.57. Approximately 1,244,773 shares changed hands during mid-day trading, a decline of 86% from the average daily volume of 9,060,255 shares. The stock had previously closed at $8.04.

Analysts Set New Price Targets

NVAX has been the subject of several recent analyst reports. HC Wainwright reaffirmed a “buy” rating and set a $19.00 target price on shares of Novavax in a research note on Tuesday, December 10th. Jefferies Financial Group lowered their target price on shares of Novavax from $31.00 to $25.00 and set a “buy” rating on the stock in a report on Wednesday, October 16th. Finally, B. Riley reissued a “buy” rating and set a $26.00 price objective (up from $23.00) on shares of Novavax in a report on Thursday, October 10th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $17.83.

Novavax Stock Up 6.7 %

The company has a market cap of $1.37 billion, a P/E ratio of -3.80 and a beta of 2.02. The company’s 50-day moving average is $8.74 and its two-hundred day moving average is $11.40.

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 analysts’ consensus estimates of ($0.83) by $0.07. The firm had revenue of $84.51 million during the quarter, compared to analysts’ expectations of $65.80 million. The company’s quarterly revenue was down 54.8% compared to the same quarter last year. During the same period in the previous year, the company posted ($1.26) earnings per share. On average, analysts anticipate that Novavax, Inc. will post -1.44 EPS for the current fiscal year.

Hedge Funds Weigh In On Novavax

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Amalgamated Bank increased its holdings in shares of Novavax by 26.9% in the second quarter. Amalgamated Bank now owns 4,887 shares of the biopharmaceutical company’s stock worth $62,000 after buying an additional 1,036 shares during the period. Ensign Peak Advisors Inc lifted its holdings in Novavax by 3.0% in the second quarter. Ensign Peak Advisors Inc now owns 44,900 shares of the biopharmaceutical company’s stock worth $568,000 after buying an additional 1,300 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Novavax by 38.1% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,790 shares of the biopharmaceutical company’s stock worth $77,000 after acquiring an additional 1,598 shares during the period. Victory Capital Management Inc. raised its position in shares of Novavax by 12.0% in the 3rd quarter. Victory Capital Management Inc. now owns 19,292 shares of the biopharmaceutical company’s stock worth $244,000 after acquiring an additional 2,072 shares in the last quarter. Finally, Banque Cantonale Vaudoise lifted its stake in shares of 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 purchasing an additional 2,500 shares during the period. 53.04% of the stock is currently owned by hedge funds and other institutional investors.

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.