Per the latest CDC data, total hospitalizations due to COVID-19 rose by almost 22% in the most recent week. The rise in stock price can be attributed to the rising COVID-19 infection cases as new subvariants of the virus continue to emerge. The company aims to make its updated vaccine available and accessible on par with mRNA-based COVID-19 vaccines marketed by Pfizer PFE/ BioNTech BNTX and Moderna MRNA. If approved/authorized, Novavax’s updated vaccine will be a non-mRNA XBB.1.5 vaccine available in the United States. Management stated that it is manufacturing the updated vaccine commercially and planning to launch it in the upcoming fall. The latest CDC data shows that this variant accounted for 8% of all cases nationwide.Īt an FDA committee meeting in June, Novavax presented preclinical data showing that its updated vaccine generated robust neutralizing antibodies against the key circulating XBB strains.Īlongside its second-quarter 2023 results, Novavax announced that it had initiated a filing with the FDA for its updated COVID-19 vaccine and intends to submit one in Europe in the coming weeks.

Infection cases from XBB.1.16.6 are also growing in the United States. Per the latest data from the Centers for Disease Control and Prevention (“CDC”), the Eris variant is responsible for almost 21% of COVID-19 infections in the country. Recently designated by the World Health Organization (“WHO”) as a variant of interest, Eris is the dominant variant in the United States. The vaccine has been designed to target the XBB descendent lineage viruses.

This vaccine is yet to be authorized by the FDA. This industry currently has a Zacks Industry Rank of 83, which puts it in the top 33% of all 250+ industries.Shares of Novavax NVAX were up 13.5% on Aug 22, after management announced that its updated protein-based COVID-19 vaccine showed a significant boost in neutralizing antibodies against the EG.5.1 (also known as ‘Eris’) and XBB.1.16.6 in studies on small animals and non-human primate. The Medical - Biomedical and Genetics industry is part of the Medical sector. Novavax currently has a Zacks Rank of #3 (Hold). The Zacks Consensus EPS estimate has moved 10.92% lower within the past month. The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. This model considers these estimate changes and provides a simple, actionable rating system. Investors can capitalize on this by using the Zacks Rank. Research indicates that these estimate revisions are directly correlated with near-term share price momentum. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.

These recent revisions tend to reflect the evolving nature of short-term business trends. It is also important to note the recent changes to analyst estimates for Novavax. Meanwhile, our latest consensus estimate is calling for revenue of $137.18 million, down 80.51% from the prior-year quarter.įor the full year, our Zacks Consensus Estimates are projecting earnings of -$5.66 per share and revenue of $969 million, which would represent changes of +32.78% and -51.11%, respectively, from the prior year. This would mark a year-over-year decline of 218.75%. In that report, analysts expect Novavax to post earnings of -$3.04 per share. Wall Street will be looking for positivity from Novavax as it approaches its next earnings report date. In that same time, the Medical sector gained 1.75%, while the S&P 500 gained 1.72%. Elsewhere, the Dow gained 0.43%, while the tech-heavy Nasdaq added 0.33%.Ĭoming into today, shares of the vaccine maker had lost 2.92% in the past month. This change lagged the S&P 500's 0.57% gain on the day. Novavax (NVAX) closed the most recent trading day at $6.59, moving -1.05% from the previous trading session.

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