Novavax’s (NVAX) Buy Rating Reiterated at HC Wainwright

HC Wainwright reiterated their buy rating on shares of Novavax (NASDAQ:NVAX) in a report released on Tuesday morning,Benzinga reports. HC Wainwright 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.

A number of other equities analysts have also recently issued reports on the company. Jefferies Financial Group decreased their target price on Novavax from $31.00 to $25.00 and set a “buy” rating on the stock in a report on Wednesday, October 16th. JPMorgan Chase & Co. boosted their price objective on Novavax from $8.00 to $9.00 and gave the stock an “underweight” rating in a report on Monday, August 12th. Finally, B. Riley reiterated a “buy” rating and issued a $26.00 target price (up from $23.00) on shares of Novavax in a report on Thursday, October 10th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $17.83.

Novavax Stock Performance

NVAX traded down $0.08 during trading on Tuesday, reaching $7.14. The stock had a trading volume of 4,097,015 shares, compared to its average volume of 9,772,424. Novavax has a 1-year low of $3.53 and a 1-year high of $23.86. The stock has a 50 day moving average of $11.44 and a two-hundred day moving average of $12.41.

Novavax (NASDAQ:NVAX) last released its earnings results on Tuesday, November 12th. The biopharmaceutical company reported ($0.76) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.87) by $0.11. The firm had revenue of $84.51 million for the quarter, compared to analyst estimates of $65.80 million. During the same period in the previous year, the firm earned ($1.26) earnings per share. Novavax’s revenue was down 54.8% on a year-over-year basis. Research analysts predict that Novavax will post -1.01 EPS for the current fiscal year.

Hedge Funds Weigh In On Novavax

Institutional investors and hedge funds have recently modified their holdings of the stock. Edgestream Partners L.P. acquired a new stake in Novavax during the third quarter valued at $1,580,000. The Manufacturers Life Insurance Company raised its stake in shares of Novavax by 33.7% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 79,783 shares of the biopharmaceutical company’s stock worth $1,008,000 after purchasing an additional 20,127 shares in the last quarter. Bank of Montreal Can raised its stake in shares of Novavax by 26.7% during the 3rd quarter. Bank of Montreal Can now owns 2,454,325 shares of the biopharmaceutical company’s stock worth $32,643,000 after purchasing an additional 517,727 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Novavax by 16.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,325,508 shares of the biopharmaceutical company’s stock valued at $16,741,000 after buying an additional 187,548 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA grew its stake in shares of Novavax by 24.2% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 93,457 shares of the biopharmaceutical company’s stock valued at $1,180,000 after buying an additional 18,229 shares in the last quarter. 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.