Novavax (NASDAQ:NVAX) Shares Gap Down - Here's What Happened

Novavax, Inc. (NASDAQ:NVAX - Get Free Report)'s stock price gapped down prior to trading on Monday . The stock had previously closed at $7.00, but opened at $6.49. Novavax shares last traded at $6.56, with a volume of 1,039,722 shares.

Analysts Set New Price Targets

A number of research firms recently issued reports on NVAX. HC Wainwright reissued a "buy" rating and issued a $19.00 price objective on shares of Novavax in a report on Tuesday, December 10th. BTIG Research began coverage on shares of Novavax in a research note on Friday, February 28th. They set a "buy" rating and a $19.00 price target on the stock. Finally, TD Cowen upgraded Novavax to a "hold" rating in a research note on Thursday, February 27th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $18.00.

Novavax Stock Performance

The business's fifty day moving average price is $7.90 and its two-hundred day moving average price is $9.18. The stock has a market capitalization of $1.00 billion, a P/E ratio of -2.76, a P/E/G ratio of 2.85 and a beta of 2.92.

Novavax (NASDAQ:NVAX - Get Free Report) last released its quarterly earnings results on Thursday, February 27th. The biopharmaceutical company reported ($0.51) EPS for the quarter, topping the consensus estimate of ($0.75) by $0.24. The company had revenue of $88.31 million during the quarter, compared to analysts' expectations of $85.48 million. During the same quarter in the prior year, the business posted ($1.44) EPS. As a group, analysts forecast that Novavax, Inc. will post -1.46 earnings per share for the current year.

Institutional Trading of Novavax

Institutional investors have recently bought and sold shares of the stock. Sanofi purchased a new stake in shares of Novavax in the fourth quarter valued at $55,319,000. Deep Track Capital LP purchased a new stake in Novavax in the 4th quarter worth about $16,080,000. State Street Corp lifted its stake in Novavax by 26.7% in the third quarter. State Street Corp now owns 7,687,951 shares of the biopharmaceutical company's stock worth $97,099,000 after purchasing an additional 1,621,772 shares during the last quarter. Shah Capital Management boosted its position in shares of Novavax by 13.6% during the fourth quarter. Shah Capital Management now owns 11,148,846 shares of the biopharmaceutical company's stock valued at $89,637,000 after buying an additional 1,333,305 shares during the period. Finally, Two Sigma Advisers LP grew its stake in shares of Novavax by 48.9% during the third quarter. Two Sigma Advisers LP now owns 1,999,400 shares of the biopharmaceutical company's stock valued at $25,252,000 after buying an additional 656,900 shares during the last quarter. 53.04% of the stock is currently owned by 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.