Coatue Management LLC Makes New $65.07 Million Investment in Novavax, Inc. (NASDAQ:NVAX)

Coatue Management LLC bought a new position in shares of Novavax, Inc. (NASDAQ:NVAXGet Rating) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 883,446 shares of the biopharmaceutical company’s stock, valued at approximately $65,066,000. Coatue Management LLC owned 1.13% of Novavax at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Qube Research & Technologies Ltd acquired a new position in Novavax during the first quarter worth about $9,839,000. IFM Investors Pty Ltd grew its position in shares of Novavax by 19.6% in the first quarter. IFM Investors Pty Ltd now owns 11,096 shares of the biopharmaceutical company’s stock valued at $817,000 after purchasing an additional 1,819 shares during the last quarter. Laidlaw Wealth Management LLC grew its position in shares of Novavax by 45.1% in the first quarter. Laidlaw Wealth Management LLC now owns 3,936 shares of the biopharmaceutical company’s stock valued at $290,000 after purchasing an additional 1,223 shares during the last quarter. Banque Cantonale Vaudoise grew its position in shares of Novavax by 3,018.2% in the first quarter. Banque Cantonale Vaudoise now owns 11,631 shares of the biopharmaceutical company’s stock valued at $857,000 after purchasing an additional 11,258 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its position in shares of Novavax by 2.2% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 178,351 shares of the biopharmaceutical company’s stock valued at $13,136,000 after purchasing an additional 3,814 shares during the last quarter. 42.63% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

NVAX has been the topic of several research reports. Bank of America started coverage on shares of Novavax in a research report on Friday, May 20th. They issued an “underperform” rating and a $35.00 price target on the stock. Cowen decreased their target price on shares of Novavax from $150.00 to $110.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 9th. B. Riley decreased their target price on shares of Novavax from $181.00 to $171.00 in a research report on Friday, July 22nd. Cowen decreased their target price on shares of Novavax to $110.00 in a research report on Monday, August 15th. Finally, Cantor Fitzgerald raised their target price on shares of Novavax from $146.00 to $168.00 in a research report on Wednesday, June 8th. One analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $151.00.

Novavax Price Performance

Shares of NVAX stock opened at $31.72 on Friday. The company’s fifty day simple moving average is $48.48 and its 200-day simple moving average is $55.71. Novavax, Inc. has a 52 week low of $28.25 and a 52 week high of $260.69.

Novavax (NASDAQ:NVAXGet Rating) last released its quarterly earnings results on Monday, August 8th. The biopharmaceutical company reported ($6.53) earnings per share (EPS) for the quarter, missing the consensus estimate of $5.51 by ($12.04). Novavax had a negative return on equity of 572.54% and a negative net margin of 114.32%. The firm had revenue of $186.00 million for the quarter, compared to analysts’ expectations of $1.02 billion. During the same period last year, the firm earned ($4.75) EPS. The business’s quarterly revenue was down 37.6% on a year-over-year basis. As a group, research analysts forecast that Novavax, Inc. will post 10.68 earnings per share for the current year.

About Novavax

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Novavax, Inc, a biotechnology company, focuses on the discovery, development, and commercialization of vaccines to prevent serious infectious diseases and address health needs. The company's vaccine candidates include NVX-CoV2373, a coronavirus vaccine candidate that is in two Phase III trials, one Phase IIb trial, and one Phase I/II trial; NanoFlu, a nanoparticle seasonal quadrivalent influenza vaccine candidate that is in Phase 3 clinical trial; and ResVax, a respiratory syncytial virus (RSV) fusion (F) protein nanoparticle vaccine candidate.

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Institutional Ownership by Quarter for Novavax (NASDAQ:NVAX)

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