Novavax (NASDAQ:NVAX) Shares Down 5.7% - Here's Why

Novavax, Inc. (NASDAQ:NVAX - Get Free Report) fell 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 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

NVAX has been the subject of several research reports. Jefferies Financial Group cut their target price on Novavax from $31.00 to $25.00 and set a "buy" rating for the company in a research note on Wednesday, October 16th. HC Wainwright reiterated a "buy" rating and issued a $19.00 target price on shares of Novavax in a research report on Tuesday, December 10th. Finally, B. Riley reaffirmed a "buy" rating and set a $26.00 price objective (up from $23.00) on shares of Novavax in a research note on Thursday, October 10th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $17.83.

Novavax Price Performance

The business has a 50 day moving average of $8.79 and a 200 day moving average of $10.86. The company has a market cap of $1.41 billion, a PE ratio of -3.90 and a beta of 2.07.

Novavax (NASDAQ:NVAX - Get Free Report) last released its quarterly earnings results on Tuesday, November 12th. The biopharmaceutical company reported ($0.76) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.83) by $0.07. The company had revenue of $84.51 million during the quarter, compared to the consensus estimate of $65.80 million. During the same period in the previous year, the company earned ($1.26) earnings per share. Novavax's quarterly revenue was down 54.8% on a year-over-year basis. Sell-side analysts forecast that Novavax, Inc. will post -1.31 EPS for the current fiscal year.

Insider Activity at Novavax

In other news, Director Rachel K. King sold 4,150 shares of Novavax stock in a transaction that occurred on Friday, December 13th. The shares were 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 directly owns 14,770 shares in the company, valued at approximately $133,225.40. This trade represents a 21.93 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director James F. Young sold 4,600 shares of the company's stock in a transaction that occurred on Tuesday, December 24th. The stock was sold at an average price of $8.48, for a total value of $39,008.00. Following the completion of the sale, the director now owns 57,160 shares in the company, valued at $484,716.80. The trade was a 7.45 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 14,150 shares of company stock worth $119,641 over the last ninety days. 1.00% of the stock is owned by corporate insiders.

Institutional Trading of Novavax

Institutional investors have recently bought and sold shares of the company. Spire Wealth Management bought a new position in shares of Novavax in the fourth quarter worth approximately $29,000. Amalgamated Bank boosted its stake in Novavax by 26.9% during the 2nd quarter. Amalgamated Bank now owns 4,887 shares of the biopharmaceutical company's stock valued at $62,000 after purchasing an additional 1,036 shares during the last quarter. KBC Group NV raised its stake in shares of Novavax by 97.0% in the fourth quarter. KBC Group NV now owns 7,954 shares of the biopharmaceutical company's stock worth $64,000 after purchasing an additional 3,917 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Novavax by 38.1% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,790 shares of the biopharmaceutical company's stock valued at $77,000 after purchasing an additional 1,598 shares in the last quarter. Finally, US Bancorp DE boosted its position in shares of Novavax by 3,538.8% during the third quarter. US Bancorp DE now owns 12,299 shares of the biopharmaceutical company's stock valued at $155,000 after buying an additional 11,961 shares during the last quarter. 53.04% of the stock is owned by hedge funds and other institutional investors.

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.

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