FY2024 Earnings Forecast for Novavax Issued By HC Wainwright

Novavax, Inc. (NASDAQ:NVAX - Free Report) - HC Wainwright cut their FY2024 earnings per share estimates for Novavax in a report issued on Wednesday, November 13th. HC Wainwright analyst V. Bernardino now forecasts that the biopharmaceutical company will post earnings of ($1.29) per share for the year, down from their prior forecast of ($0.84). HC Wainwright currently has a "Buy" rating and a $19.00 price target on the stock. The consensus estimate for Novavax's current full-year earnings is ($1.21) per share. HC Wainwright also issued estimates for Novavax's Q4 2024 earnings at ($0.59) EPS and FY2025 earnings at $1.06 EPS.

Novavax (NASDAQ:NVAX - Get Free Report) last released its quarterly earnings data on Tuesday, November 12th. The biopharmaceutical company reported ($0.76) EPS for the quarter, beating the consensus estimate of ($0.83) by $0.07. The company had revenue of $84.51 million during the quarter, compared to analysts' expectations of $65.80 million. During the same period last year, the business earned ($1.26) earnings per share. The company's revenue for the quarter was down 54.8% compared to the same quarter last year.

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

Novavax Stock Performance

Shares of NASDAQ:NVAX traded up $0.46 during trading on Monday, hitting $7.78. The company's stock had a trading volume of 5,017,335 shares, compared to its average volume of 9,774,647. The company has a market capitalization of $1.25 billion, a PE ratio of -3.47 and a beta of 2.10. Novavax has a fifty-two week low of $3.53 and a fifty-two week high of $23.86. The stock's 50-day moving average price is $11.26 and its two-hundred day moving average price is $12.51.

Hedge Funds Weigh In On Novavax

Institutional investors have recently bought and sold shares of the stock. Shah Capital Management grew its position in Novavax by 19.0% during the second quarter. Shah Capital Management now owns 9,662,090 shares of the biopharmaceutical company's stock worth $122,322,000 after buying an additional 1,544,263 shares in the last quarter. State Street Corp grew its position in Novavax by 26.7% during the third quarter. State Street Corp now owns 7,687,951 shares of the biopharmaceutical company's stock worth $97,099,000 after buying an additional 1,621,772 shares in the last quarter. Geode Capital Management LLC grew its position in Novavax by 9.5% during the third quarter. Geode Capital Management LLC now owns 3,502,489 shares of the biopharmaceutical company's stock worth $44,245,000 after buying an additional 304,159 shares in the last quarter. Bank of Montreal Can grew its position in Novavax by 26.7% during the third quarter. Bank of Montreal Can now owns 2,454,325 shares of the biopharmaceutical company's stock worth $32,643,000 after buying an additional 517,727 shares in the last quarter. Finally, Two Sigma Advisers LP boosted its holdings in shares of Novavax by 48.9% in the 3rd quarter. Two Sigma Advisers LP now owns 1,999,400 shares of the biopharmaceutical company's stock worth $25,252,000 after acquiring an additional 656,900 shares in the last quarter. 53.04% of the stock is currently owned by 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.