Novavax (NASDAQ:NVAX) Shares Down 5.8% - Here's What Happened

Novavax, Inc. (NASDAQ:NVAX - Get Free Report) dropped 5.8% on Monday . The company traded as low as $7.62 and last traded at $7.80. Approximately 1,894,875 shares changed hands during trading, a decline of 79% from the average daily volume of 9,078,025 shares. The stock had previously closed at $8.28.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Jefferies Financial Group dropped their price target on Novavax from $31.00 to $25.00 and set a "buy" rating on the stock in a research report on Wednesday, October 16th. HC Wainwright reissued a "buy" rating and issued a $19.00 target price on shares of Novavax in a report on Tuesday, December 10th. Finally, B. Riley restated a "buy" rating and set a $26.00 price target (up from $23.00) on shares of Novavax in a report on Thursday, October 10th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $17.83.

Novavax Stock Performance

The firm has a 50-day moving average of $8.82 and a 200-day moving average of $11.47. The firm has a market capitalization of $1.27 billion, a P/E ratio of -3.51 and a beta of 2.02.

Novavax (NASDAQ:NVAX - Get Free Report) last posted its earnings results on Tuesday, November 12th. The biopharmaceutical company reported ($0.76) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.83) by $0.07. The company had revenue of $84.51 million for the quarter, compared to the consensus estimate of $65.80 million. During the same quarter in the prior year, the company posted ($1.26) EPS. Novavax's revenue was down 54.8% on a year-over-year basis. On average, research analysts forecast that Novavax, Inc. will post -1.44 EPS for the current fiscal year.

Institutional Trading of Novavax

Several large investors have recently modified their holdings of the company. Bank of New York Mellon Corp lifted its stake in shares of Novavax by 34.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 533,942 shares of the biopharmaceutical company's stock worth $6,760,000 after purchasing an additional 136,472 shares during the period. Signaturefd LLC grew its position in shares of Novavax by 214.5% during the 2nd quarter. Signaturefd LLC now owns 5,680 shares of the biopharmaceutical company's stock valued at $72,000 after acquiring an additional 3,874 shares during the period. Banque Cantonale Vaudoise grew its position in shares of Novavax by 500.0% during the 2nd quarter. Banque Cantonale Vaudoise now owns 3,000 shares of the biopharmaceutical company's stock valued at $38,000 after acquiring an additional 2,500 shares during the period. Rhumbline Advisers increased its stake in shares of Novavax by 39.2% in the 2nd quarter. Rhumbline Advisers now owns 199,909 shares of the biopharmaceutical company's stock worth $2,531,000 after purchasing an additional 56,324 shares in the last quarter. Finally, Midland Wealth Advisors LLC bought a new position in Novavax in the 2nd quarter worth $152,000. 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.