Novavax (NASDAQ:NVAX) Stock Price Down 10.3% – Here’s What Happened

Shares of Novavax, Inc. (NASDAQ:NVAX) fell 10.3% on Wednesday . The stock traded as low as $8.43 and last traded at $8.47. 757,044 shares changed hands during trading, a decline of 92% from the average session volume of 9,818,160 shares. The stock had previously closed at $9.44.

Analyst Upgrades and Downgrades

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

Novavax Stock Down 5.1 %

The firm’s 50 day moving average is $11.83 and its two-hundred day moving average is $12.27.

Novavax (NASDAQ:NVAX) last issued its 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 company had revenue of $415.50 million for the quarter, compared to analyst estimates of $458.57 million. The business’s revenue was down 2.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.58 EPS. On average, research analysts anticipate that Novavax, Inc. will post -0.9 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Swedbank AB bought a new position in shares of Novavax in the first quarter valued at about $26,000. Banque Cantonale Vaudoise grew its position in shares of Novavax by 500.0% in the second quarter. Banque Cantonale Vaudoise now owns 3,000 shares of the biopharmaceutical company’s stock valued at $38,000 after purchasing an additional 2,500 shares during the last quarter. Herr Investment Group LLC bought a new position in shares of Novavax during the first quarter worth approximately $48,000. Alpine Global Management LLC acquired a new stake in Novavax during the 1st quarter worth approximately $49,000. Finally, Ameritas Investment Partners Inc. boosted its stake in Novavax by 31.6% in the 1st quarter. Ameritas Investment Partners Inc. now owns 11,298 shares of the biopharmaceutical company’s stock valued at $54,000 after purchasing an additional 2,711 shares during the period. 53.04% of the stock is owned by institutional investors and hedge funds.

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.