Novavax, Inc. (NASDAQ:NVAX) shares are trading higher Wednesday, and the stock is up by more than 300% over the past month. Here's a look at what's going on.
What To Know:
Novavax shares have gained nearly 40% over the past five days, boosted by COVID-19 headlines.
Vaccine makers reported data from animal studies Wednesday showing shots targeting the JN.1 variant that was dominant earlier this year could neutralize newer subvarients such as KP.2 more effectively than the older shots.
Pfizer, Inc. (NYSE:PFE) and BioNTech SE (NASDAQ:BNTX) will be ready to supply the updated vaccines immediately upon approval, while Moderna, Inc. (NASDAQ:MRNA) and Novavax project delivery in August.
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On Monday, the FDA said Covid vaccine makers should target the JN.1 and KP.2 subvarients in the 2024-2025 campaign. Dr. Fauci also testified on the COVID-19 pandemic before a House Subcommittee.
According to data from Benzinga Pro, more 30.7 million Novaxax shares have already been traded in Wednesday's session and 39.2% of shares are being sold short. High short-interest can lead to outsized price movements when combined with heavy trading volume.
Will NVAX Stock Go Up?
When trying to assess whether or not Novavax will trade higher from current levels, it's a good idea to take a look at analyst forecasts.
Wall Street analysts have an average 12-month price target of $17.50 on Novavax. The Street high target is currently at $29 and the Street low target is $10. Of all the analysts covering Novavax, 2 have positive ratings, 2 have neutral ratings and no one has negative ratings.
In the last month, 4 analysts have adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Novavax have performed in recent history.
Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Novavax is 173.73% up year-to-date. The average analyst price target suggests the stock could have further downside ahead.
For a broad overview of everything you need to know about Novavax, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.
NVAX Price Action: According to Benzinga Pro, Novavax shares are up 19.8% at $21.27 at the time of publication Wednesday.
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