Novavax (NASDAQ:NVAX) Cut to “Underweight” at JPMorgan Chase & Co.

JPMorgan Chase & Co. lowered shares of Novavax (NASDAQ:NVAX) from a neutral rating to an underweight rating in a research report released on Tuesday, Marketbeat Ratings reports. The firm currently has $8.00 price target on the biopharmaceutical company’s stock.

Other equities research analysts also recently issued research reports about the company. B. Riley boosted their price objective on Novavax from $11.00 to $29.00 and gave the company a buy rating in a report on Thursday, May 23rd. Bank of America upped their target price on shares of Novavax from $12.00 to $18.00 and gave the stock a neutral rating in a report on Friday, June 14th. HC Wainwright reiterated a buy rating and set a $19.00 price target on shares of Novavax in a research note on Monday, May 13th. Finally, TD Cowen increased their price objective on Novavax from $5.00 to $10.00 and gave the stock a hold rating in a research note on Monday, May 13th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of Hold and an average target price of $16.80.

Novavax Trading Down 1.9 %

Shares of Novavax stock opened at $12.57 on Tuesday. The company has a market cap of $1.76 billion, a P/E ratio of -3.97 and a beta of 1.99. The business has a 50-day moving average price of $14.73 and a two-hundred day moving average price of $8.69. Novavax has a 1-year low of $3.53 and a 1-year high of $23.86.

Novavax (NASDAQ:NVAX) last issued its earnings results on Friday, May 10th. The biopharmaceutical company reported ($1.05) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.04) by ($0.01). The business had revenue of $93.90 million during the quarter, compared to analyst estimates of $71.32 million. The business’s quarterly revenue was up 15.9% compared to the same quarter last year. During the same period in the prior year, the firm posted ($3.41) EPS. Equities research analysts forecast that Novavax will post 0.46 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director James F. Young sold 7,500 shares of the company’s stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of $14.09, for a total value of $105,675.00. Following the completion of the transaction, the director now directly owns 61,760 shares of the company’s stock, valued at $870,198.40. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, insider Filip Dubovsky sold 47,312 shares of the firm’s stock in a transaction dated Tuesday, May 14th. The shares were 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 in the company, valued at $541,446.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director James F. Young sold 7,500 shares of the business’s stock in a transaction dated Friday, June 21st. The shares were sold at an average price of $14.09, for a total transaction of $105,675.00. Following the completion of the transaction, the director now owns 61,760 shares in the company, valued at $870,198.40. The disclosure for this sale can be found here. Insiders have sold a total of 62,312 shares of company stock valued at $866,212 in the last 90 days. 0.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Novavax

Several large investors have recently modified their holdings of NVAX. Swedbank AB bought a new position in Novavax during the first quarter valued at $26,000. Banque Cantonale Vaudoise boosted its position in Novavax by 500.0% during the second quarter. Banque Cantonale Vaudoise now owns 3,000 shares of the biopharmaceutical company’s stock worth $38,000 after purchasing an additional 2,500 shares during the period. Herr Investment Group LLC purchased a new position in shares of Novavax in the first quarter worth about $48,000. Alpine Global Management LLC bought a new stake in shares of Novavax in the first quarter valued at approximately $49,000. Finally, Ameritas Investment Partners Inc. lifted its stake in shares of Novavax by 31.6% during the 1st quarter. Ameritas Investment Partners Inc. now owns 11,298 shares of the biopharmaceutical company’s stock valued at $54,000 after buying an additional 2,711 shares in the last quarter. Hedge funds and other institutional investors 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.