Novavax (NVAX) Upgraded to Overweight at Piper Jaffray Companies

Piper Jaffray Companies upgraded shares of Novavax (NASDAQ:NVAX) from a neutral rating to an overweight rating in a research report sent to investors on Sunday morning. The brokerage currently has $1.93 target price on the biopharmaceutical company’s stock.

A number of other brokerages have also issued reports on NVAX. B. Riley set a $10.00 price objective on shares of Novavax and gave the company a buy rating in a report on Monday, October 8th. BidaskClub upgraded shares of Novavax from a sell rating to a hold rating in a report on Saturday, November 3rd. Cantor Fitzgerald set a $2.00 price objective on shares of Novavax and gave the company a hold rating in a report on Wednesday, September 26th. JPMorgan Chase & Co. upgraded shares of Novavax from an underweight rating to an overweight rating and raised their price objective for the company from $2.00 to $2.25 in a report on Friday, September 21st. Finally, Zacks Investment Research upgraded shares of Novavax from a hold rating to a buy rating and set a $1.50 price objective for the company in a report on Tuesday, August 14th. Five investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The company currently has a consensus rating of Buy and a consensus price target of $3.36.

NVAX stock opened at $2.07 on Friday. The stock has a market capitalization of $792.50 million, a PE ratio of -3.29 and a beta of 2.51. Novavax has a 12 month low of $1.05 and a 12 month high of $2.75.

Novavax (NASDAQ:NVAX) last posted its earnings results on Wednesday, November 7th. The biopharmaceutical company reported ($0.12) EPS for the quarter, hitting analysts’ consensus estimates of ($0.12). The company had revenue of $7.70 million during the quarter, compared to the consensus estimate of $9.63 million. The firm’s revenue was down 8.3% compared to the same quarter last year. During the same period last year, the company posted ($0.15) EPS. On average, equities research analysts forecast that Novavax will post -0.52 EPS for the current fiscal year.

A number of institutional investors have recently added to or reduced their stakes in NVAX. Pacer Advisors Inc. bought a new position in Novavax during the 3rd quarter worth approximately $113,000. SG Americas Securities LLC raised its holdings in Novavax by 388.4% during the 2nd quarter. SG Americas Securities LLC now owns 102,003 shares of the biopharmaceutical company’s stock worth $137,000 after purchasing an additional 81,117 shares during the last quarter. Metropolitan Life Insurance Co. NY raised its holdings in Novavax by 40.9% during the 2nd quarter. Metropolitan Life Insurance Co. NY now owns 137,288 shares of the biopharmaceutical company’s stock worth $184,000 after purchasing an additional 39,849 shares during the last quarter. Xact Kapitalforvaltning AB raised its holdings in Novavax by 40.3% during the 3rd quarter. Xact Kapitalforvaltning AB now owns 100,700 shares of the biopharmaceutical company’s stock worth $189,000 after purchasing an additional 28,900 shares during the last quarter. Finally, MetLife Investment Advisors LLC raised its holdings in Novavax by 34.1% during the 2nd quarter. MetLife Investment Advisors LLC now owns 186,126 shares of the biopharmaceutical company’s stock worth $249,000 after purchasing an additional 47,362 shares during the last quarter. Hedge funds and other institutional investors own 42.07% of the company’s stock.

Novavax Company Profile

Novavax, Inc, together with its subsidiary, Novavax AB, a clinical-stage biotechnology company, focuses on the discovery, development, and commercialization of recombinant nanoparticle vaccines and adjuvants. Its lead adjuvant is Matrix-M that is used to enable a vaccine to enhance the amplitude of the immune response and qualitatively change it, enhance its specificity to provide protection against related microorganisms, as well as allows immunization with much lower doses of antigen.

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