Novavax (NASDAQ:NVAX) Stock Price Up 6.7% – Here’s Why

Shares of Novavax, Inc. (NASDAQ:NVAX) rose 6.7% during trading on Friday . The company traded as high as $8.36 and last traded at $8.40. Approximately 919,344 shares were traded during mid-day trading, a decline of 89% from the average daily volume of 8,061,799 shares. The stock had previously closed at $7.87.

Analysts Set New Price Targets

A number of research analysts have weighed in on NVAX shares. TD Cowen upgraded shares of Novavax to a “hold” rating in a research report on Thursday, February 27th. HC Wainwright restated a “buy” rating and set a $19.00 price objective on shares of Novavax in a research report on Tuesday, December 10th. Finally, BTIG Research began coverage on shares of Novavax in a research note on Friday, February 28th. They set a “buy” rating and a $19.00 target price for the company. One analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $18.00.

Novavax Stock Up 4.2 %

The company’s fifty day moving average is $8.46 and its 200 day moving average is $9.85. The stock has a market cap of $1.31 billion, a PE ratio of -3.64, a price-to-earnings-growth ratio of 2.85 and a beta of 2.14.

Novavax (NASDAQ:NVAX) last issued its quarterly earnings data on Thursday, February 27th. The biopharmaceutical company reported ($0.51) EPS for the quarter, topping analysts’ consensus estimates of ($0.75) by $0.24. The company had revenue of $88.31 million for the quarter, compared to analyst estimates of $85.48 million. During the same quarter in the prior year, the firm earned ($1.44) EPS. Equities analysts expect that Novavax, Inc. will post -1.46 EPS for the current year.

Insider Transactions at Novavax

In other Novavax news, Director Rachel K. King sold 4,150 shares of the company’s stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $9.02, for a total value of $37,433.00. Following the completion of the sale, the director now owns 14,770 shares of the company’s stock, valued at approximately $133,225.40. This represents a 21.93 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director James F. Young sold 4,600 shares of the business’s stock in a transaction dated Tuesday, December 24th. The shares were sold at an average price of $8.48, for a total value of $39,008.00. Following the completion of the sale, the director now owns 57,160 shares in the company, valued at approximately $484,716.80. This trade represents a 7.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 14,150 shares of company stock worth $119,641. Company insiders own 1.00% of the company’s stock.

Institutional Investors Weigh In On Novavax

Institutional investors and hedge funds have recently modified their holdings of the company. Charles Schwab Investment Management Inc. raised its stake in Novavax by 16.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,325,508 shares of the biopharmaceutical company’s stock valued at $16,741,000 after buying an additional 187,548 shares during the period. Bank of Montreal Can raised its position in shares of Novavax by 26.7% in the third quarter. Bank of Montreal Can now owns 2,454,325 shares of the biopharmaceutical company’s stock valued at $32,643,000 after purchasing an additional 517,727 shares during the period. State Street Corp grew its stake in Novavax by 26.7% in the 3rd quarter. State Street Corp now owns 7,687,951 shares of the biopharmaceutical company’s stock valued at $97,099,000 after buying an additional 1,621,772 shares during the last quarter. Franklin Resources Inc. increased its stake in shares of Novavax by 300.4% during the third quarter. Franklin Resources Inc. now owns 97,162 shares of the biopharmaceutical company’s stock worth $1,226,000 after purchasing an additional 72,894 shares during the period. Finally, Shah Capital Management lifted its position in shares of Novavax by 13.6% during the 4th quarter. Shah Capital Management now owns 11,148,846 shares of the biopharmaceutical company’s stock valued at $89,637,000 after acquiring an additional 1,333,305 shares during the period. 53.04% of the stock is owned by 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.