B. Riley Increases Novavax (NASDAQ:NVAX) Price Target to $29.00

Novavax (NASDAQ:NVAX) had its price objective raised by stock analysts at B. Riley from $11.00 to $29.00 in a research note issued on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the biopharmaceutical company’s stock. B. Riley’s price objective would suggest a potential upside of 94.63% from the stock’s previous close.

Other analysts have also issued research reports about the company. HC Wainwright restated a “buy” rating and set a $19.00 price target on shares of Novavax in a report on Monday, May 13th. JPMorgan Chase & Co. upgraded Novavax from an “underweight” rating to a “neutral” rating in a research note on Friday, May 10th. TD Cowen raised their price target on Novavax from $5.00 to $10.00 and gave the company a “hold” rating in a research note on Monday, May 13th. Finally, Bank of America raised Novavax from an “underperform” rating to a “neutral” rating and raised their price objective for the company from $4.00 to $12.00 in a research report on Friday, May 10th. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, Novavax has a consensus rating of “Hold” and an average target price of $17.50.

Novavax Stock Down 5.1 %

NVAX stock traded down $0.80 during midday trading on Thursday, hitting $14.90. The company’s stock had a trading volume of 6,462,549 shares, compared to its average volume of 11,209,586. Novavax has a 12 month low of $3.53 and a 12 month high of $17.40. The firm has a market capitalization of $2.09 billion, a price-to-earnings ratio of -4.80 and a beta of 1.63. The company has a 50 day moving average of $5.90 and a two-hundred day moving average of $5.33.

Novavax (NASDAQ:NVAX) last posted its 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 firm had revenue of $93.90 million during the quarter, compared to analysts’ expectations of $71.32 million. The business’s revenue was up 15.9% on a year-over-year basis. During the same period in the prior year, the company earned ($3.41) EPS. On average, analysts anticipate that Novavax will post -0.61 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Filip Dubovsky sold 47,312 shares of Novavax stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $13.90, for a total transaction of $657,636.80. Following the completion of the sale, the insider now owns 38,953 shares of the company’s stock, valued at $541,446.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.90% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of NVAX. Coatue Management LLC purchased a new position in Novavax during the fourth quarter valued at approximately $7,294,000. Shah Capital Management increased its position in shares of Novavax by 22.9% in the fourth quarter. Shah Capital Management now owns 7,780,756 shares of the biopharmaceutical company’s stock valued at $37,348,000 after buying an additional 1,450,000 shares in the last quarter. Vanguard Group Inc. increased its position in shares of 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 buying an additional 978,873 shares in the last quarter. Rafferty Asset Management LLC increased its position in shares of Novavax by 62.4% in the fourth 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. Finally, TSP Capital Management Group LLC increased its position in shares of Novavax by 162.8% in the third quarter. TSP Capital Management Group LLC now owns 966,350 shares of the biopharmaceutical company’s stock valued at $6,996,000 after buying an additional 598,600 shares in the last quarter. 53.04% of the stock is currently owned by hedge funds and other institutional investors.

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.