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Why Novavax Is Tanking Today

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Share price movements

Today, Novavax (NVAX) is trading close to $0.70, which is about 67.13% lower than its previous closing price. The company has a market capitalization of $806.95 million.

Today, the company issued a press release announcing top-line results from its Phase 3 Prepare trial, evaluating investigational RSV (respiratory syncytial virus) vaccine, ResVax, for infants through maternal immunization. Although ResVax failed to meet the primary endpoint of preventing RSV low respiratory tract infections in infants, it demonstrated efficacy in the secondary endpoints of reducing hospitalizations and severe hypoxemia. According to Novavax’s investor presentation, the company plans to submit this data to the FDA and EC to discuss the future for ResVax.

The company is currently trading 39.11% lower than the previous 52-week low of $1.15 and 74.54% lower than its 52-week high of $2.75.

Based on its closing price yesterday, the company reported returns of 6.50% in the last week, -0.47% in the last month, and 23.84% in the last quarter. Novavax also reported returns of 60.15% in the last half-year, -9.36% in the last year, and 15.76% year-to-date.

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Analysts’ recommendations and target price for Novavax

The 12-month consensus analyst recommendation for Novavax is a “buy.” The 12-month consensus target price for the company is $4.38, which is 525.62% higher than its trading price of $0.70. The highest, median, and lowest target price estimates for the company are $10, $3.75, and $1.5, respectively.

Three analysts rate Novavax a “strong buy,” two rate it a “buy,” two rate it a “hold,” and two rate it a “sell.”

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