Novavax Stock Plummets as Company Raises Concerns

The shares hit a two-year low fresh out of the gate this morning

Laura McCandless

Deputy Editor

Mar 1, 2023 at 10:31 AM

NVAX

Novavax Inc (NASDAQ:NVAX) stock is plummeting today, down 26.2% at $6.86 at last glance, earlier hitting a two-year low of $6.80, amid company concerns about whether or not it will be able to stay in business. The biotech name's Covid vaccine is its only marketed product.

The company also posted a dismal fourth-quarter report after the close yesterday, with wider-than-expected losses of $2.28 per share alongside a revenue miss. Jefferies cut its price target to $68 from $90 after the event.

Options traders are targeting the equity amid the negative price action. So far, 15,000 calls and 9,367 puts have been exchanged. The January 2025 10-strike put and weekly 3/10 7-strike call are the most popular, with new positions being opened at the latter.

The brokerage bunch is split on NVAX, with three of the six in coverage carrying a "strong buy" rating, and three a "hold" or worse. The 12-month consensus price target of $46.83 is a massive premium to current levels, leaving plenty of room for price-target cuts in the near future.

Year-over-year, NVAX is down 91.9%. The stock is also seeing pressure at its 40-day moving average. It's also worth noting that Novavax stock has landed on the short sell restricted (SSR) list today.

Follow @Schaeffers

Are You Ready for AI's Potential Supercycle Phase?
Amazon's Jeff Bezos surprised investors when he revealed that one emerging technology is the key to Amazon's future success... This technology could be worth $80 trillion by 2030. Learn more and join Motley Fool's Stock Advisor for 50% off!

“Buy This Stock Now!” - Expert Who Called 11x On TSLA

He called a rare 11x on Tesla…

But now, thanks to Elon & Trump’s new alliance…

He says there’s a new opportunity that could be 1,000x BIGGER than Tesla – and it could completely revolutionize a $23 Trillion market.

It’s trading for less than $5 per share right now…

But it won’t be under the radar for long.

Discover The 1,000x Bigger Elon Opportunity Here

Featured Articles from Trusted Partners:

👀Learn How Dividends Create Passive Income for Life
Receive $200 Off Motley Fool Epic. The Motley Fool Epic $299 discounted offer is based on $499/year list price. Introductory promotion for new members only. Take control of your money and your portfolio with Motley Fool Epic.

💵New Income System Could Pay You $4,243 Monthly
You could collect an average of $4,243 per month starting as early as next week with a new payout system for income investors. New registrations are being accepted for investors who want to be in a position to start with their first payout next week.

🚀Easy 92% Crypto Dividends (No Coins Required)
COIN stock doesn't pay a dividend... But there's actually a new way to collect a massive dividend that's indirectly based on the stock and offers a terrific monthly income (currently yielding nearly 92% on a forward basis).

🤝Free Advisor Match with Wiseradvisor.com
Don't leave your retirement to chance! Get matched with a trusted financial expert for FREE and make the most of your tax refund. Get started now.

⚠️Dennis Quaid's #1 Warning for Americans
Here's the thing: life doesn't come with guarantees. The economy shifts, markets stumble, and years of hard work could slip through your fingers like sand. But it doesn't have to be that way for you. So request a free copy of this Gold & Silver Guide that will arrive right to your doorstep when you act now.