Novavax (NASDAQ:NVAX) Upgraded to “Neutral” at JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of Novavax (NASDAQ:NVAX) from an underweight rating to a neutral rating in a report issued on Friday morning, BenzingaRatingsTable reports. They currently have $46.00 price objective on the biopharmaceutical company’s stock.

Other equities analysts also recently issued research reports about the company. Oppenheimer boosted their target price on Novavax from $19.00 to $38.50 and gave the stock an outperform rating in a research note on Tuesday, May 12th. Zacks Investment Research downgraded Novavax from a buy rating to a hold rating in a research note on Tuesday. BidaskClub upgraded Novavax from a buy rating to a strong-buy rating in a research note on Friday, May 15th. ValuEngine upgraded Novavax from a hold rating to a buy rating in a research note on Thursday, April 2nd. Finally, HC Wainwright restated a buy rating and issued a $50.00 target price (up previously from $33.00) on shares of Novavax in a research note on Tuesday, May 12th. Two equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of Buy and an average target price of $46.19.

NVAX stock traded up $1.64 during mid-day trading on Friday, reaching $46.30. 8,018,362 shares of the company traded hands, compared to its average volume of 14,689,589. The stock has a market cap of $2.59 billion, a price-to-earnings ratio of -11.18 and a beta of 1.36. Novavax has a fifty-two week low of $3.54 and a fifty-two week high of $61.50. The firm’s 50 day moving average price is $32.39 and its 200 day moving average price is $13.94.

Novavax (NASDAQ:NVAX) last released its quarterly earnings results on Monday, May 11th. The biopharmaceutical company reported ($0.58) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.67) by $0.09. The company had revenue of $3.38 million for the quarter, compared to analyst estimates of $3.50 million. During the same quarter last year, the firm posted ($2.20) EPS. On average, equities analysts predict that Novavax will post -1.84 EPS for the current fiscal year.

In related news, Director James F. Young purchased 1,500 shares of the stock in a transaction that occurred on Wednesday, June 3rd. The shares were bought at an average price of $48.83 per share, with a total value of $73,245.00. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 3.30% of the company’s stock.

A number of hedge funds have recently modified their holdings of the business. State Street Corp raised its holdings in Novavax by 35.7% during the 1st quarter. State Street Corp now owns 579,632 shares of the biopharmaceutical company’s stock valued at $7,871,000 after acquiring an additional 152,556 shares during the period. Invesco Ltd. bought a new position in shares of Novavax in the first quarter worth $7,097,000. JPMorgan Chase & Co. increased its holdings in shares of Novavax by 58.4% in the first quarter. JPMorgan Chase & Co. now owns 434,526 shares of the biopharmaceutical company’s stock worth $5,900,000 after purchasing an additional 160,205 shares during the period. Nuveen Asset Management LLC increased its holdings in shares of Novavax by 131.1% in the first quarter. Nuveen Asset Management LLC now owns 189,510 shares of the biopharmaceutical company’s stock worth $2,574,000 after purchasing an additional 107,517 shares during the period. Finally, Bank of New York Mellon Corp increased its holdings in shares of Novavax by 27.7% in the first quarter. Bank of New York Mellon Corp now owns 164,544 shares of the biopharmaceutical company’s stock worth $2,234,000 after purchasing an additional 35,693 shares during the period. 22.80% of the stock is currently owned by institutional investors and hedge funds.

Novavax Company Profile

Novavax, Inc, together with its subsidiary, Novavax AB, a late-stage biotechnology company, focuses on the discovery, development, and commercialization of vaccines to prevent serious infectious diseases. The company's lead vaccine candidates include ResVax, a respiratory syncytial virus (RSV) fusion (F) protein recombinant nanoparticle vaccine with aluminum phosphate as an adjuvant that is in Phase III clinical trial to protect infants from RSV disease through maternal immunization; and NanoFlu, which is in Phase II clinical trial for treating seasonal influenza in older adults.

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