Novavax (NASDAQ:NVAX) Given “Underperform” Rating at Bank of America

Bank of America restated their underperform rating on shares of Novavax (NASDAQ:NVAX) in a research note released on Wednesday morning, MarketBeat reports. The brokerage currently has a $7.00 target price on the biopharmaceutical company’s stock, down from their previous target price of $9.00.

Several other research firms have also weighed in on NVAX. Citigroup started coverage on shares of Novavax in a report on Tuesday, June 17th. They set a “sell” rating and a $6.00 price objective for the company. B. Riley reiterated a “buy” rating on shares of Novavax in a research report on Monday, May 19th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Novavax from $9.00 to $7.00 and set an “underweight” rating for the company in a research report on Friday, May 9th. Four analysts have rated the stock with a Buy rating, one has given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, Novavax presently has a consensus rating of “Hold” and an average target price of $15.57.

Novavax Stock Performance

NASDAQ:NVAX opened at $7.84 on Wednesday. Novavax has a 12-month low of $5.01 and a 12-month high of $15.22. The company has a quick ratio of 2.34, a current ratio of 2.36 and a debt-to-equity ratio of 5.93. The firm has a market capitalization of $1.27 billion, a PE ratio of 3.44, a price-to-earnings-growth ratio of 0.10 and a beta of 2.50. The firm has a 50-day moving average price of $7.30 and a 200 day moving average price of $7.20.

Novavax (NASDAQ:NVAX) last posted its quarterly earnings results on Wednesday, August 6th. The biopharmaceutical company reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.69. The firm had revenue of $239.24 million during the quarter, compared to analyst estimates of $149.19 million. Novavax had a net margin of 39.20% and a negative return on equity of 142.33%. The company’s quarterly revenue was down 42.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.99 earnings per share. Research analysts anticipate that Novavax will post -1.46 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Novavax

Several institutional investors and hedge funds have recently made changes to their positions in the company. Shah Capital Management grew its holdings in shares of Novavax by 3.4% in the 2nd quarter. Shah Capital Management now owns 11,511,780 shares of the biopharmaceutical company’s stock valued at $72,524,000 after buying an additional 379,934 shares during the period. Sanofi acquired a new position in shares of Novavax in the 4th quarter valued at $55,319,000. Park West Asset Management LLC acquired a new position in shares of Novavax in the 1st quarter valued at $16,210,000. Deep Track Capital LP acquired a new position in shares of Novavax in the 4th quarter valued at $16,080,000. Finally, Northern Trust Corp raised its holdings in shares of Novavax by 6.1% during the fourth quarter. Northern Trust Corp now owns 1,451,715 shares of the biopharmaceutical company’s stock worth $11,672,000 after acquiring an additional 83,503 shares during the period. Institutional investors and hedge funds own 53.04% of the company’s stock.

About Novavax

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.