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Why Novavax Stock Is Trading Lower Today

Published 22/09/2022, 14:31
© Reuters.  Why Novavax Stock Is Trading Lower Today
NVAX
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Novavax Inc (NASDAQ: NVAX) shares are trading lower Thursday following bearish analyst coverage from JPMorgan (NYSE:JPM).

JPMorgan analyst Eric Joseph downgraded Novavax from Neutral to Underweight and lowered the price target to $27 from $132, citing headwinds for the company's COVID-19 vaccine, Nuvaxovid, which are likely to lead to further guidance cuts.

Nuvaxovid is a protein-based vaccine engineered from the genetic sequence of the first strain of SARS-CoV-2. Nuvaxovid has received authorization for use in adults aged 18 and older from more than 40 markets, including the U.S. and from the World Health Organization.

Novavax is a clinical stage biotechnology company with a focus on delivering novel products that prevent a broad range of diseases.

NVAX Price Action: Novavax has a 52-week high of $145.20 and a 52-week low of $25.84.

The stock was down 5.68% at $24.40 at time of publication, according to Benzinga Pro.

Photo: Jernej Furman from Flickr.

Latest Ratings for NVAX

DateFirmActionFromTo
Mar 2022HC Wainwright & Co.MaintainsBuy
Jan 2022Cowen & Co.Initiates Coverage OnOutperform
Dec 2021JP MorganMaintainsNeutral
View More Analyst Ratings for NVAX

View the Latest Analyst Ratings

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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