Novavax (NASDAQ:NVAX) Shares Down 4.3% Following Analyst Downgrade

Novavax, Inc. (NASDAQ:NVAX)’s share price dropped 4.3% during trading on Friday after JPMorgan Chase & Co. lowered their price target on the stock from $9.00 to $7.00. JPMorgan Chase & Co. currently has an underweight rating on the stock. Novavax traded as low as $6.64 and last traded at $6.37. Approximately 125,103 shares traded hands during mid-day trading, a decline of 99% from the average daily volume of 8,497,019 shares. The stock had previously closed at $6.66.

A number of other research analysts have also commented on the company. TD Cowen raised shares of Novavax to a “hold” rating in a research report on Thursday, February 27th. BTIG Research initiated coverage on shares of Novavax in a report on Friday, February 28th. They issued a “buy” rating and a $19.00 price objective for the company. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $17.71.

Institutional Trading of Novavax

A number of institutional investors and hedge funds have recently bought and sold shares of the company. GF Fund Management CO. LTD. bought a new position in Novavax in the 4th quarter valued at approximately $27,000. Spire Wealth Management purchased a new stake in shares of Novavax during the fourth quarter valued at $29,000. New Age Alpha Advisors LLC bought a new stake in Novavax in the 4th quarter worth about $35,000. KBC Group NV raised its position in Novavax by 97.0% in the 4th quarter. KBC Group NV now owns 7,954 shares of the biopharmaceutical company’s stock worth $64,000 after buying an additional 3,917 shares during the last quarter. Finally, Bank Julius Baer & Co. Ltd Zurich purchased a new stake in shares of Novavax during the 1st quarter valued at about $71,000. 53.04% of the stock is currently owned by institutional investors.

Novavax Stock Down 10.1 %

The business has a fifty day simple moving average of $6.86 and a two-hundred day simple moving average of $8.02. The company has a market cap of $963.46 million, a P/E ratio of -2.65, a P/E/G ratio of 2.85 and a beta of 3.21.

Novavax (NASDAQ:NVAX) last issued its quarterly earnings results on Friday, May 9th. The biopharmaceutical company reported $2.93 EPS for the quarter, topping analysts’ consensus estimates of $0.19 by $2.74. The company had revenue of $666.66 million during the quarter, compared to analysts’ expectations of $204.08 million. During the same quarter in the previous year, the company earned ($1.05) EPS. The business’s quarterly revenue was up 610.3% compared to the same quarter last year. On average, equities analysts predict that Novavax, Inc. will post -1.46 EPS for the current fiscal year.

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.