BTIG Research Reaffirms Buy Rating for Novavax (NASDAQ:NVAX)

Novavax (NASDAQ:NVAX)‘s stock had its “buy” rating restated by BTIG Research in a report released on Thursday,Benzinga reports. They currently have a $19.00 price target on the biopharmaceutical company’s stock. BTIG Research’s price target indicates a potential upside of 110.41% from the stock’s previous close.

A number of other brokerages have also recently weighed in on NVAX. TD Cowen increased their target price on shares of Novavax from $8.00 to $9.00 and gave the stock a “hold” rating in a report on Wednesday, May 6th. HC Wainwright increased their target price on shares of Novavax from $11.00 to $16.00 and gave the stock a “buy” rating in a report on Friday, February 27th. Jefferies Financial Group reissued a “buy” rating on shares of Novavax in a report on Thursday, March 12th. B. Riley Financial reissued a “buy” rating on shares of Novavax in a report on Thursday, April 9th. Finally, Wall Street Zen raised shares of Novavax from a “sell” rating to a “hold” rating in a report on Sunday, May 31st. Five investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and four have given a Sell rating to the stock. According to MarketBeat, Novavax has an average rating of “Hold” and a consensus target price of $12.13.

Novavax Stock Up 5.5%

Shares of NASDAQ:NVAX opened at $9.03 on Thursday. The company has a market cap of $1.48 billion, a price-to-earnings ratio of -15.57 and a beta of 2.45. The firm’s 50-day simple moving average is $8.95 and its 200-day simple moving average is $8.54. Novavax has a fifty-two week low of $6.13 and a fifty-two week high of $11.97.

Novavax (NASDAQ:NVAX) last posted its quarterly earnings data on Wednesday, May 6th. The biopharmaceutical company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.25) by $0.19. The business had revenue of $118.90 million during the quarter, compared to analyst estimates of $79.81 million. Novavax had a negative net margin of 14.73% and a negative return on equity of 14.82%. The company’s revenue was down 79.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.93 earnings per share. On average, research analysts forecast that Novavax will post -0.19 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Flagship Harbor Advisors LLC bought a new stake in Novavax during the 4th quarter worth about $33,000. Quarry LP bought a new stake in Novavax during the 3rd quarter worth about $33,000. Duncker Streett & Co. Inc. grew its position in shares of Novavax by 917.3% during the 1st quarter. Duncker Streett & Co. Inc. now owns 4,242 shares of the biopharmaceutical company’s stock worth $35,000 after buying an additional 3,825 shares during the period. KBC Group NV grew its position in shares of Novavax by 34.9% during the 1st quarter. KBC Group NV now owns 4,746 shares of the biopharmaceutical company’s stock worth $39,000 after buying an additional 1,229 shares during the period. Finally, State of Wyoming acquired a new position in shares of Novavax during the 2nd quarter worth about $52,000. 53.04% of the stock is owned by institutional investors.

Novavax Company Profile

Novavax, Inc is a clinical-stage biotechnology company headquartered in Gaithersburg, Maryland, that specializes in the discovery, development and commercialization of next-generation vaccines to prevent serious infectious diseases. Founded in 1987, the company has built a platform based on recombinant nanoparticle technology and its proprietary Matrix-M™ adjuvant to enhance immune responses.

The company’s lead product is NVX-CoV2373, a protein-based vaccine designed to elicit a robust immune response against the SARS-CoV-2 virus.