Novavax (NASDAQ:NVAX) Releases Quarterly Earnings Results, Beats Expectations By $0.11 EPS

Novavax (NASDAQ:NVAX) released its earnings results on Tuesday. The biopharmaceutical company reported ($0.76) EPS for the quarter, topping the consensus estimate of ($0.87) by $0.11, Briefing.com reports. The company had revenue of $84.51 million during the quarter, compared to analysts’ expectations of $65.80 million. Novavax’s quarterly revenue was down 54.8% compared to the same quarter last year. During the same period last year, the firm posted ($1.26) EPS. Novavax updated its FY 2024 guidance to EPS.

Novavax Stock Performance

Novavax stock traded down $0.09 during mid-day trading on Thursday, hitting $7.67. The company’s stock had a trading volume of 1,067,833 shares, compared to its average volume of 9,762,063. The company has a 50 day moving average of $11.44 and a 200-day moving average of $12.41. Novavax has a one year low of $3.53 and a one year high of $23.86. The stock has a market cap of $1.23 billion, a PE ratio of -3.44 and a beta of 2.10.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on NVAX shares. B. Riley restated a “buy” rating and set a $26.00 price objective (up previously from $23.00) on shares of Novavax in a research report on Thursday, October 10th. JPMorgan Chase & Co. raised their target price on shares of Novavax from $8.00 to $9.00 and gave the company an “underweight” rating in a report on Monday, August 12th. Jefferies Financial Group decreased their price target on shares of Novavax from $31.00 to $25.00 and set a “buy” rating on the stock in a research note on Wednesday, October 16th. Finally, HC Wainwright reissued a “buy” rating and issued a $19.00 price objective on shares of Novavax in a research note on Tuesday. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, Novavax presently has a consensus rating of “Hold” and an average price target of $17.83.

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.