Novavax (NASDAQ:NVAX) Downgraded by Zacks Investment Research

Zacks Investment Research downgraded shares of Novavax (NASDAQ:NVAX) from a buy rating to a hold rating in a research note published on Wednesday, Zacks.com reports.

According to Zacks, “NOVAVAX INC is a specialty biopharmaceutical company engaged in the research, development and commercialization of proprietary products focused on women’s health and infectious diseases. Their technology platforms involve the use of proprietary, microscopic, organized, non-phospholipid structures as vehicles for the delivery of a wide variety of drugs and other therapeutic products, including certain hormones, anti-bacterial and anti-viral products and vaccine adjuvants. “

A number of other equities analysts have also recently issued reports on the company. BidaskClub upgraded Novavax from a buy rating to a strong-buy rating in a report on Friday, May 15th. LADENBURG THALM/SH SH lifted their target price on Novavax from $38.00 to $50.00 in a research report on Thursday, May 14th. Cantor Fitzgerald lifted their target price on Novavax from $23.00 to $45.00 and gave the company an overweight rating in a research report on Tuesday, May 12th. ValuEngine raised Novavax from a hold rating to a buy rating in a research report on Thursday, April 2nd. Finally, Oppenheimer lifted their target price on Novavax from $19.00 to $38.50 and gave the company an outperform rating in a research report on Tuesday, May 12th. Eight analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Novavax has an average rating of Buy and an average target price of $44.50.

NVAX traded down $3.96 during trading hours on Wednesday, reaching $46.11. 6,050,931 shares of the company’s stock traded hands, compared to its average volume of 12,492,346. The firm has a 50-day moving average price of $23.87 and a 200 day moving average price of $10.98. Novavax has a 52-week low of $3.54 and a 52-week high of $61.50. The firm has a market capitalization of $2.90 billion, a PE ratio of -11.14 and a beta of 0.83.

Novavax (NASDAQ:NVAX) last posted its quarterly earnings data on Monday, May 11th. The biopharmaceutical company reported ($0.58) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.67) by $0.09. The business had revenue of $3.38 million for the quarter, compared to analysts’ expectations of $3.50 million. During the same quarter in the previous year, the firm earned ($2.20) EPS. Sell-side analysts forecast that Novavax will post -1.84 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in NVAX. Invesco Ltd. bought a new position in shares of Novavax in the 1st quarter worth $7,097,000. JPMorgan Chase & Co. raised its position in shares of Novavax by 58.4% in the 1st quarter. JPMorgan Chase & Co. now owns 434,526 shares of the biopharmaceutical company’s stock worth $5,900,000 after acquiring an additional 160,205 shares in the last quarter. State Street Corp raised its position in shares of Novavax by 35.7% in the 1st quarter. State Street Corp now owns 579,632 shares of the biopharmaceutical company’s stock worth $7,871,000 after acquiring an additional 152,556 shares in the last quarter. Nuveen Asset Management LLC raised its position in shares of Novavax by 131.1% in the 1st quarter. Nuveen Asset Management LLC now owns 189,510 shares of the biopharmaceutical company’s stock worth $2,574,000 after acquiring an additional 107,517 shares in the last quarter. Finally, Advisor Group Holdings Inc. bought a new position in shares of Novavax in the 1st quarter worth $687,000. 14.16% of the stock is owned by hedge funds and other institutional investors.

Novavax Company Profile

Novavax, Inc, together with its subsidiary, Novavax AB, a late-stage biotechnology company, focuses on the discovery, development, and commercialization of vaccines to prevent serious infectious diseases. The company's lead vaccine candidates include ResVax, a respiratory syncytial virus (RSV) fusion (F) protein recombinant nanoparticle vaccine with aluminum phosphate as an adjuvant that is in Phase III clinical trial to protect infants from RSV disease through maternal immunization; and NanoFlu, which is in Phase II clinical trial for treating seasonal influenza in older adults.

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