Novavax Stock Surges 11.6% After Strong Earnings Report

Novavax, Inc. (NASDAQ:NVAX) experienced a notable increase of 11.6% in its stock price during trading on Thursday, following the release of a better-than-expected earnings report. The company's shares reached a high of $8.30 before settling at $8.17 at the close. In total, around 2,620,975 shares changed hands, although this marked a decrease of 40% compared to the average daily trading volume of 4,336,841 shares. The stock had previously closed at $7.32.

Quarterly Earnings Performance

In its latest financial results, Novavax reported an earnings loss per share (EPS) of ($0.51) for the quarter, which surpassed analyst predictions of ($0.75) by $0.24. This performance also shows a significant improvement from the same period last year when the company reported a loss of ($1.44) EPS.

Analyst Ratings and Price Predictions

Following this earnings report, HC Wainwright reaffirmed a "buy" rating on Novavax shares with a price target set at $19.00 as of December 10th. Analysts have expressed mixed sentiments towards the stock; while one analyst has rated it as a sell, two have given it a hold rating and three have rated it as a buy. According to MarketBeat data, Novavax currently holds a consensus rating of "Hold" with an average price target of $17.83.

Insider Transactions

In insider news, Director James F. Young sold 4,600 shares of Novavax on December 24th at an average price of $8.48, totaling $39,008. Following this sale, he retains 57,160 shares, valued at approximately $484,716.80. Similarly, Director Rachel K. King sold 4,150 shares on December 13th at an average price of $9.02, amounting to $37,433, reducing her holdings by 21.93% to 14,770 shares. In the past 90 days, insiders have sold a total of 14,150 shares worth $119,641, with corporate insiders owning about 1.00% of the company's stock.

Changes in Institutional Holdings

Recently, institutional investors have been active in modifying their stakes in Novavax. Sanofi established a new position in the company worth $55,319,000 in the fourth quarter, while Deep Track Capital LP invested approximately $16,080,000 in shares. State Street Corp expanded its holdings by 26.7% in the third quarter, now owning 7,687,951 shares valued at $97,099,000. Shah Capital Management increased its holdings by 13.6% and now owns 11,148,846 shares worth $89,637,000. Two Sigma Advisers LP raised its stake by 48.9%, resulting in ownership of 1,999,400 shares valued at about $25,252,000. Overall, 53.04% of Novavax stock is held by hedge funds and other institutional investors.

Stock Performance Metrics

The stock's recent performance shows a fifty-day simple moving average of $8.55 and a two-hundred-day simple moving average of $10.02. Novavax has a market capitalization of $1.26 billion, with a price-to-earnings (P/E) ratio of -3.50, along with a price-to-earnings growth (PEG) ratio of 2.85 and a beta of 2.14.

About Novavax

Novavax, Inc. is a biotechnology firm focused on improving health through the discovery, development, and commercialization of vaccines designed to combat serious infectious diseases. The company utilizes a unique vaccine platform that integrates recombinant protein technology, nanoparticle technology, and its proprietary Matrix-M adjuvant to boost the immune response.

Novavax, Stock, Earnings