Novavax (NASDAQ:NVAX) Shares Down 5.7% – Here’s What Happened

Shares of Novavax, Inc. (NASDAQ:NVAX) traded down 5.7% on Wednesday . The company traded as low as $8.90 and last traded at $8.98. 2,142,419 shares traded hands during mid-day trading, a decline of 56% from the average session volume of 4,885,543 shares. The stock had previously closed at $9.52.

Wall Street Analyst Weigh In

A number of research firms have issued reports on NVAX. HC Wainwright restated a “buy” rating and set a $19.00 price target on shares of Novavax in a research note on Tuesday, December 10th. 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. Finally, B. Riley reiterated a “buy” rating and set a $26.00 price target (up previously from $23.00) on shares of Novavax in a research note on Thursday, October 10th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $17.83.

Novavax Stock Down 7.5 %

The stock has a market capitalization of $1.41 billion, a PE ratio of -3.90 and a beta of 2.07. The stock’s 50 day moving average price is $8.79 and its 200-day moving average price is $10.86.

Novavax (NASDAQ:NVAX) last announced its quarterly earnings data on Tuesday, November 12th. The biopharmaceutical company reported ($0.76) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.83) by $0.07. The company had revenue of $84.51 million for the quarter, compared to analysts’ expectations of $65.80 million. The company’s quarterly revenue was down 54.8% compared to the same quarter last year. During the same period last year, the business earned ($1.26) earnings per share. On average, analysts forecast that Novavax, Inc. will post -1.31 earnings per share for the current year.

Insider Buying and Selling at Novavax

In related news, Director Rachel K. King sold 4,150 shares of the business’s stock in a transaction on Friday, December 13th. The stock was sold at an average price of $9.02, for a total transaction of $37,433.00. Following the completion of the transaction, the director now owns 14,770 shares in the company, valued at $133,225.40. The trade was a 21.93 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director James F. Young sold 5,400 shares of the stock in a transaction on Tuesday, December 31st. The stock was sold at an average price of $8.00, for a total value of $43,200.00. Following the completion of the sale, the director now owns 51,760 shares in the company, valued at approximately $414,080. The trade was a 9.45 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 14,150 shares of company stock worth $119,641 in the last quarter. 1.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Novavax

A number of institutional investors and hedge funds have recently added to or reduced their stakes in NVAX. Amalgamated Bank increased its position in shares of Novavax by 26.9% during the second quarter. Amalgamated Bank now owns 4,887 shares of the biopharmaceutical company’s stock worth $62,000 after acquiring an additional 1,036 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its holdings in Novavax by 38.1% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,790 shares of the biopharmaceutical company’s stock worth $77,000 after purchasing an additional 1,598 shares during the period. Victory Capital Management Inc. increased its holdings in Novavax by 12.0% during the 3rd quarter. Victory Capital Management Inc. now owns 19,292 shares of the biopharmaceutical company’s stock worth $244,000 after purchasing an additional 2,072 shares during the period. Creative Planning raised its position in Novavax by 12.5% during the 2nd quarter. Creative Planning now owns 24,143 shares of the biopharmaceutical company’s stock valued at $306,000 after purchasing an additional 2,692 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. lifted its holdings in shares of Novavax by 10.3% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 33,965 shares of the biopharmaceutical company’s stock worth $273,000 after buying an additional 3,174 shares during the period. Institutional investors own 53.04% of the company’s stock.

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.