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Novavax Inc (NASDAQ:NVAX) shares are trading lower by 5.5% to $12.10 Thursday morning. Shares of several vaccine makers are trading lower after Moderna Inc revised its 2024 expectations citing low EU sales, announced potential revenue deferrals for certain international sales into 2025 and cited an ‘increasingly competitive environment’ for respiratory vaccines in the U.S..
Moderna’s acknowledgment of low EU sales suggests a broader market trend that could affect Novavax as well. Investors might fear that Novavax will also struggle with vaccine uptake or face regulatory and distribution challenges in the EU, leading to lower-than-expected revenue from this region.
Moderna’s potential deferral of international revenue into 2025 also introduces concerns about the timing of revenue recognition across the industry. Investors could infer that Novavax might encounter similar deferrals, particularly in international markets where logistical, regulatory or demand issues might delay sales and revenue realization.
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Additionally, Moderna's reference to a more competitive U.S. respiratory vaccine market implies heightened challenges for all players in this sector, including Novavax. With more competitors vying for market share, Novavax might face pressure to lower prices, increase marketing expenditures, or improve its vaccine offerings to maintain or grow its market presence, potentially impacting profitability.
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 $16.0 on Novavax. The Street high target is currently at $29.0 and the Street low target is $8.0. Of all the analysts covering Novavax, 2 have positive ratings, 3 have neutral ratings and one has negative ratings.
In the last month, one analyst has 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 154.67% up year-to-date. The average analyst price target suggests the stock could have further upside 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 has a 52-week high of $23.86 and a 52-week low of $3.53.
Posted In: NVAX
