The stock of Novavax, Inc. (NASDAQ:NVAX) is now priced at $107.74 and the shares are 0.39 points up or 0.36% higher compared to its previous closing price of $107.35. The stock had 3.217 million contracts set over the past session. NVAX shares’ daily volume is compared to its average trading volume at 8.061 million shares. However, it has a float of 54.87 million and although its performance was -21.71% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the NVAX share price recently placing at $102 to $110.17. However, some brokerage firms have priced the stock below the average, including one that has called $105.
The shorts are running away from the Novavax, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the NVAX shares have declined. Short interest in the stock represents just 14.58% of its float, but the volume has dropped by -44208. The volume of shorted shares dropped to 8.001 million from 8.045 million shares over the last two weeks. The average intraday trading volume has been 10.187 million shares, which means that days to cover moved to roughly 1.
In the last trading session, Novavax, Inc. (NASDAQ:NVAX) dropped by -$29.88 over the week and lost -$35.36 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $189.4. The stock recorded its established 52-week high on 08/05/20.
Since 11/21/19, the stock has traded to a low of $3.54 at 2943.5%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 1.51. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Novavax, Inc.’s two-week RSI is 39.61. This suggests that the stock is neutral at the moment and that NVAX shares’ price movement remains stable. The stochastic readings are equally revealing at 15.6% meaning the NVAX share price is currently in overbought territory.
The technical chart shows that the NVAX stock will likely settle at between $111.27 and $114.81 per share. However, if the stock dips below $103.1, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $98.47.
Currently, the stock is trading in the red of MACD, with a reading of -16.33. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at H.C. Wainwright though raised target price of NVAX stock from $132 to $290 but maintained Buy recommendation in their August 06 review. JP Morgan analysts upgraded their recommendation of the stock from Neutral to Overweight while keeping its target price at $275 in a flash note released to investors on August 05. Ladenburg Thalmann seeing the stock struggling downgraded it from Neutral to Sell on August 05 placing it at $105.
The average rating for the NVAX equity is 2.5 and is currently gathering a bullish momentum. Of 6 analysts tracking Novavax, Inc. polled by Reuters, 1 rated NVAX as a hold. The remaining 5 analysts were split evenly. However, the split wasn’t equal as a majority (4) rated it as a buy or strong buy. 1 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the NVAX stock price is 4.95X ahead of its 12-month Consensus earnings per share estimates.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Novavax, Inc. (NASDAQ:NVAX) will decrease by about -99.35%, which will see them reach $231 million. The company’s full-year revenues are, however, expected to increase by about 6170.1%, up from $18.66 million to $1170 million. NVAX’s expected adjusted earnings should drop almost -347.3% to end up at $1.83 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -264.79% to record $9.08/share.