Novavax (NASDAQ:NVAX) Earns “Buy” Rating from HC Wainwright

HC Wainwright reiterated their buy rating on shares of Novavax (NASDAQ:NVAX) in a report released on Tuesday morning,Benzinga reports. The brokerage currently has a $19.00 price objective on the biopharmaceutical company’s stock. HC Wainwright also issued estimates for Novavax’s Q3 2024 earnings at ($0.64) EPS, Q4 2024 earnings at ($0.28) EPS, FY2024 earnings at ($0.84) EPS and FY2025 earnings at $0.09 EPS.

NVAX has been the subject of several other reports. Jefferies Financial Group cut their price target on shares of Novavax from $31.00 to $25.00 and set a “buy” rating for the company in a report on Wednesday, October 16th. JPMorgan Chase & Co. raised their price target on Novavax from $8.00 to $9.00 and gave the company an “underweight” rating in a research report on Monday, August 12th. Finally, B. Riley restated a “buy” rating and set a $26.00 target price (up from $23.00) on shares of Novavax in a report on Thursday, October 10th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, Novavax presently has an average rating of “Hold” and an average price target of $17.83.

Novavax Price Performance

NVAX stock opened at $7.32 on Tuesday. The company has a market cap of $1.17 billion, a price-to-earnings ratio of -3.24 and a beta of 2.10. The company has a fifty day moving average price of $11.35 and a 200 day moving average price of $12.38. Novavax has a 12 month low of $3.53 and a 12 month high of $23.86.

Novavax (NASDAQ:NVAX) last announced its earnings results on Tuesday, November 12th. The biopharmaceutical company reported ($0.76) earnings per share for the quarter, topping the consensus estimate of ($0.87) by $0.11. The business had revenue of $84.51 million for the quarter, compared to analyst estimates of $65.80 million. Novavax’s quarterly revenue was down 54.8% on a year-over-year basis. During the same quarter last year, the company posted ($1.26) EPS. As a group, analysts anticipate that Novavax will post -1.01 earnings per share for the current year.

Hedge Funds Weigh In On Novavax

Several institutional investors and hedge funds have recently modified their holdings of the company. Shah Capital Management raised its holdings in Novavax by 19.0% in the 2nd quarter. Shah Capital Management now owns 9,662,090 shares of the biopharmaceutical company’s stock valued at $122,322,000 after acquiring an additional 1,544,263 shares during the last quarter. State Street Corp increased its stake in Novavax by 26.7% in the third quarter. State Street Corp now owns 7,687,951 shares of the biopharmaceutical company’s stock valued at $97,099,000 after purchasing an additional 1,621,772 shares during the last quarter. Geode Capital Management LLC lifted its position in Novavax by 9.5% during the third quarter. Geode Capital Management LLC now owns 3,502,489 shares of the biopharmaceutical company’s stock worth $44,245,000 after buying an additional 304,159 shares during the period. Bank of Montreal Can boosted its stake in Novavax by 26.7% in the 3rd quarter. Bank of Montreal Can now owns 2,454,325 shares of the biopharmaceutical company’s stock worth $32,643,000 after buying an additional 517,727 shares during the last quarter. Finally, Two Sigma Advisers LP grew its holdings in Novavax by 48.9% in the 3rd quarter. Two Sigma Advisers LP now owns 1,999,400 shares of the biopharmaceutical company’s stock valued at $25,252,000 after buying an additional 656,900 shares during the period. Hedge funds and other institutional investors own 53.04% of the company’s stock.

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.