Novavax, Inc. Forecasted to Earn Q3 2024 Earnings of ($0.87) Per Share (NASDAQ:NVAX)

Novavax, Inc. (NASDAQ:NVAX) – Investment analysts at B. Riley boosted their Q3 2024 EPS estimates for shares of Novavax in a research report issued to clients and investors on Thursday, October 10th. B. Riley analyst M. Mamtani now anticipates that the biopharmaceutical company will post earnings of ($0.87) per share for the quarter, up from their prior forecast of ($0.95). B. Riley currently has a “Buy” rating and a $26.00 target price on the stock. The consensus estimate for Novavax’s current full-year earnings is ($0.97) per share. B. Riley also issued estimates for Novavax’s Q4 2024 earnings at $0.14 EPS, FY2024 earnings at ($0.12) EPS, FY2025 earnings at ($0.47) EPS, FY2026 earnings at $2.34 EPS, FY2027 earnings at $1.70 EPS and FY2028 earnings at $1.58 EPS.

Several other equities analysts have also commented on the stock. Jefferies Financial Group reaffirmed a “buy” rating and issued a $31.00 price objective on shares of Novavax in a research report on Wednesday, October 2nd. JPMorgan Chase & Co. upped their price objective on Novavax from $8.00 to $9.00 and gave the stock an “underweight” rating in a research report on Monday, August 12th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $18.83.

Novavax Stock Performance

Novavax stock opened at $12.60 on Monday. Novavax has a one year low of $3.53 and a one year high of $23.86. The stock has a market cap of $1.77 billion, a PE ratio of -3.97 and a beta of 2.04. The stock has a 50-day moving average of $12.51 and a two-hundred day moving average of $11.68.

Novavax (NASDAQ:NVAX) last released its quarterly earnings results on Thursday, August 8th. The biopharmaceutical company reported $0.99 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.82 by ($0.83). The business had revenue of $415.50 million for the quarter, compared to analyst estimates of $458.57 million. The company’s revenue was down 2.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.58 earnings per share.

Institutional Investors Weigh In On Novavax

Several large investors have recently bought and sold shares of the company. Shah Capital Management lifted its stake in Novavax by 19.0% in the 2nd quarter. Shah Capital Management now owns 9,662,090 shares of the biopharmaceutical company’s stock worth $122,322,000 after purchasing an additional 1,544,263 shares in the last quarter. Farallon Capital Management LLC acquired a new stake in shares of Novavax in the first quarter valued at $5,406,000. Renaissance Technologies LLC purchased a new stake in Novavax during the second quarter worth about $14,055,000. SG Americas Securities LLC lifted its position in shares of Novavax by 940.7% during the third quarter. SG Americas Securities LLC now owns 1,154,276 shares of the biopharmaceutical company’s stock worth $14,579,000 after purchasing an additional 1,043,363 shares in the last quarter. Finally, Marshall Wace LLP purchased a new position in shares of Novavax in the second quarter valued at approximately $4,592,000. 53.04% of the stock is currently owned by hedge funds and other institutional investors.

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.