Bank of America Boosts Novavax (NASDAQ:NVAX) Price Target to $18.00

Novavax (NASDAQ:NVAXGet Free Report) had its target price lifted by analysts at Bank of America from $12.00 to $18.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has a “neutral” rating on the biopharmaceutical company’s stock. Bank of America‘s target price indicates a potential upside of 25.44% from the company’s previous close.

A number of other equities research analysts have also commented on the stock. TD Cowen increased their price objective on shares of Novavax from $5.00 to $10.00 and gave the stock a “hold” rating in a report on Monday, May 13th. HC Wainwright reissued a “buy” rating and set a $19.00 price target on shares of Novavax in a research note on Monday, May 13th. B. Riley raised their price target on shares of Novavax from $11.00 to $29.00 and gave the company a “buy” rating in a report on Thursday, May 23rd. Finally, JPMorgan Chase & Co. raised Novavax from an “underweight” rating to a “neutral” rating in a report on Friday, May 10th. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, Novavax has a consensus rating of “Hold” and a consensus price target of $19.00.

View Our Latest Report on NVAX

Novavax Stock Performance

Novavax stock traded down $0.70 during trading hours on Friday, hitting $14.35. 11,480,472 shares of the stock were exchanged, compared to its average volume of 12,313,299. Novavax has a 12 month low of $3.53 and a 12 month high of $23.86. The business’s 50-day moving average is $9.88 and its two-hundred day moving average is $6.58. The stock has a market capitalization of $2.01 billion, a P/E ratio of -4.45, a P/E/G ratio of 0.93 and a beta of 1.96.

Novavax (NASDAQ:NVAXGet Free Report) last released its quarterly earnings results on Friday, May 10th. The biopharmaceutical company reported ($1.05) EPS for the quarter, missing analysts’ consensus estimates of ($1.04) by ($0.01). The company had revenue of $93.90 million during the quarter, compared to analyst estimates of $71.32 million. Novavax’s revenue was up 15.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($3.41) EPS. On average, equities analysts predict that Novavax will post 0.36 earnings per share for the current fiscal year.

Insider Activity at Novavax

In other news, insider Filip Dubovsky sold 47,312 shares of the firm’s stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $13.90, for a total value of $657,636.80. Following the transaction, the insider now directly owns 38,953 shares in the company, valued at approximately $541,446.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.90% of the stock is currently owned by company insiders.

Institutional Trading of Novavax

A number of hedge funds have recently modified their holdings of the company. Vanguard Group Inc. increased its stake in Novavax by 9.3% in the third quarter. Vanguard Group Inc. now owns 11,551,476 shares of the biopharmaceutical company’s stock valued at $83,633,000 after purchasing an additional 978,873 shares in the last quarter. Shah Capital Management grew its holdings in shares of Novavax by 4.3% in the 1st quarter. Shah Capital Management now owns 8,117,827 shares of the biopharmaceutical company’s stock valued at $38,803,000 after buying an additional 337,071 shares during the period. Rafferty Asset Management LLC increased its position in shares of Novavax by 62.4% in the 4th quarter. Rafferty Asset Management LLC now owns 1,611,840 shares of the biopharmaceutical company’s stock valued at $7,737,000 after buying an additional 619,370 shares in the last quarter. Coatue Management LLC acquired a new stake in Novavax during the 4th quarter worth $7,294,000. Finally, TSP Capital Management Group LLC lifted its holdings in Novavax by 23.9% during the first quarter. TSP Capital Management Group LLC now owns 1,376,950 shares of the biopharmaceutical company’s stock worth $6,582,000 after acquiring an additional 265,250 shares in the last quarter. 53.04% of the stock is currently owned by institutional investors and hedge funds.

About Novavax

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Novavax (NASDAQ:NVAX)

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