Novavax (NASDAQ:NVAX) Trading Down 6.8% – Here’s Why

Novavax, Inc. (NASDAQ:NVAX)’s share price dropped 6.8% during trading on Thursday . The company traded as low as $8.27 and last traded at $8.1950. Approximately 1,095,138 shares traded hands during mid-day trading, a decline of 76% from the average daily volume of 4,602,906 shares. The stock had previously closed at $8.79.

Trending Headlines about Novavax

Here are the key news stories impacting Novavax this week:

• Positive Sentiment: Positive late-stage melanoma-treatment results from Moderna boosted sentiment across the vaccine sector, lifting expectations that successful cancer vaccines could create a significant new commercial market. Novavax shares rose alongside other vaccine developers as investors reassessed the sector’s growth potential. Novavax shares rise on cancer-vaccine optimism
• Positive Sentiment: Unusually heavy options activity indicated speculative bullish interest: traders purchased 25,659 NVAX call options, roughly 156% above typical call volume. This may have contributed to the prior-session rally, although options activity does not change Novavax’s underlying fundamentals.
• Neutral Sentiment: The broader biotechnology rally also lifted BioNTech and CRISPR-related stocks. However, analysts cautioned that the momentum could fade, suggesting the gains may be driven more by sector sentiment than by near-term improvements in Novavax’s earnings outlook. Biotechnology stocks trend in premarket trading
• Negative Sentiment: Novavax and other biotechnology stocks slipped in premarket trading after surging Wednesday, indicating profit-taking and a cooling of the initial reaction to the cancer-therapy news. The company still faces weak operating results, including sharply lower year-over-year revenue and continuing losses, which could limit the durability of the rally. Recursion, Novavax and CRISPR stocks premarket update

Analyst Ratings Changes

A number of analysts have weighed in on NVAX shares. Weiss Ratings reissued a “sell (d)” rating on shares of Novavax in a report on Tuesday, August 4th. Wall Street Zen lowered shares of Novavax from a “hold” rating to a “sell” rating in a report on Saturday, August 1st. BTIG Research reaffirmed a “buy” rating and set a $19.00 price objective on shares of Novavax in a research report on Thursday, June 11th. Zacks Research downgraded shares of Novavax from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 6th. Finally, TD Cowen increased their price objective on shares of Novavax from $8.00 to $9.00 and gave the stock a “hold” rating in a research note on Wednesday, May 6th. Five investment analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $14.00.

Novavax Trading Down 6.1%

The firm’s 50-day simple moving average is $8.49 and its 200 day simple moving average is $8.91. The stock has a market cap of $1.36 billion, a P/E ratio of -5.43 and a beta of 2.46.

Novavax (NASDAQ:NVAX) last released its quarterly earnings results on Thursday, August 6th. The biopharmaceutical company reported ($0.32) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.38) by $0.06. The company had revenue of $56.70 million for the quarter, compared to analysts’ expectations of $52.51 million. Novavax had a negative return on equity of 14.82% and a negative net margin of 59.87%.The business’s revenue for the quarter was down 76.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.62 earnings per share. On average, analysts anticipate that Novavax, Inc. will post -0.43 EPS for the current year.

Institutional Trading of Novavax

Several large investors have recently added to or reduced their stakes in the business. Quarry LP bought a new stake in Novavax during the 3rd quarter valued at $33,000. Duncker Streett & Co. Inc. grew its stake in shares of Novavax by 917.3% in the first quarter. Duncker Streett & Co. Inc. now owns 4,242 shares of the biopharmaceutical company’s stock worth $35,000 after purchasing an additional 3,825 shares in the last quarter. KBC Group NV grew its stake in shares of Novavax by 34.9% in the first quarter. KBC Group NV now owns 4,746 shares of the biopharmaceutical company’s stock worth $39,000 after purchasing an additional 1,229 shares in the last quarter. State of Wyoming bought a new position in shares of Novavax in the second quarter worth $52,000. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Novavax by 25.8% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 7,896 shares of the biopharmaceutical company’s stock valued at $53,000 after purchasing an additional 1,617 shares during the period. 53.04% of the stock is currently owned by institutional investors and hedge funds.

Novavax Company Profile

Novavax, Inc is a clinical-stage biotechnology company headquartered in Gaithersburg, Maryland, that specializes in the discovery, development and commercialization of next-generation vaccines to prevent serious infectious diseases. Founded in 1987, the company has built a platform based on recombinant nanoparticle technology and its proprietary Matrix-M™ adjuvant to enhance immune responses.

The company’s lead product is NVX-CoV2373, a protein-based vaccine designed to elicit a robust immune response against the SARS-CoV-2 virus.