Novavax (NASDAQ:NVAX) Shares Gap Down – Here’s What Happened

Novavax, Inc. (NASDAQ:NVAX) shares gapped down before the market opened on Monday . The stock had previously closed at $7.00, but opened at $6.49. Novavax shares last traded at $6.56, with a volume of 1,039,722 shares.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. BTIG Research started coverage on shares of Novavax in a research report on Friday, February 28th. They issued a “buy” rating and a $19.00 price target for the company. HC Wainwright reaffirmed a “buy” rating and issued a $19.00 price target on shares of Novavax in a research report on Tuesday, December 10th. Finally, TD Cowen upgraded shares of Novavax to a “hold” rating in a research note on Thursday, February 27th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, Novavax has an average rating of “Hold” and an average price target of $18.00.

Novavax Stock Performance

The stock’s 50-day moving average is $8.04 and its 200 day moving average is $9.23. The stock has a market capitalization of $965.06 million, a PE ratio of -2.65, a P/E/G ratio of 2.85 and a beta of 2.92.

Novavax (NASDAQ:NVAX) last issued its quarterly earnings data on Thursday, February 27th. The biopharmaceutical company reported ($0.51) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.75) by $0.24. The firm had revenue of $88.31 million for the quarter, compared to analysts’ expectations of $85.48 million. During the same period in the previous year, the business posted ($1.44) EPS. Analysts expect that Novavax, Inc. will post -1.46 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of NVAX. Vanguard Group Inc. grew its holdings in shares of Novavax by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 15,726,250 shares of the biopharmaceutical company’s stock worth $126,439,000 after buying an additional 296,181 shares during the last quarter. Shah Capital Management grew its position in Novavax by 13.6% in the 4th quarter. Shah Capital Management now owns 11,148,846 shares of the biopharmaceutical company’s stock valued at $89,637,000 after buying an additional 1,333,305 shares during the last quarter. State Street Corp increased its stake in Novavax by 26.7% in the 3rd quarter. State Street Corp now owns 7,687,951 shares of the biopharmaceutical company’s stock valued at $97,099,000 after buying an additional 1,621,772 shares during the period. Sanofi purchased a new position in Novavax during the 4th quarter worth $55,319,000. Finally, Geode Capital Management LLC lifted its stake in shares of Novavax by 4.4% in the 4th quarter. Geode Capital Management LLC now owns 3,657,695 shares of the biopharmaceutical company’s stock worth $29,415,000 after acquiring an additional 155,206 shares during the period. 53.04% of the stock is owned by hedge funds and other institutional investors.

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.