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Novavax (NVAX)

Novavax, Inc. is a biotechnology company that promotes improved health globally through the discovery, development and commercialization of innovative vaccines to prevent serious infectious diseases. The company's proprietary recombinant technology platform combines the power and speed of genetic engineering to efficiently produce highly immunogenic nanoparticles designed to address urgent global health needs. Novavax is conducting late-stage clinical trials for NVX-CoV2373, its vaccine candidate against SARS-CoV-2, the virus that causes COVID-19. NanoFlu™, its quadrivalent influenza nanoparticle vaccine, met all primary objectives in its pivotal Phase 3 clinical trial in older adults and will be advanced for regulatory submission. Both vaccine candidates incorporate Novavax' proprietary saponin-based Matrix-M™ adjuvant to enhance the immune response and stimulate high levels of neutralizing antibodies.

NVAX stock data

Analyst ratings and price targets

Last 3 months
Current price
Average target
$139.00
Low target
$110.00
High target
$168.00
Cowen & Co.
Maintains
Outperform
$110.00
9 Aug 22
Cantor Fitzgerald
Maintains
Overweight
$168.00
8 Jun 22

Calendar

8 Aug 22
20 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 1.39B 1.39B 1.39B 1.39B 1.39B 1.39B
Cash burn (monthly) 65.53M 61.27M 169.69M 120.49M 56.97M 62M
Cash used (since last report) 110.41M 103.23M 285.91M 203.01M 95.99M 104.46M
Cash remaining 1.28B 1.28B 1.1B 1.18B 1.29B 1.28B
Runway (months of cash) 19.5 21.0 6.5 9.8 22.7 20.7

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
16 Aug 22 James Patrick Kelly Common Stock Payment of exercise Dispose F No No 42.88 1,144 49.05K 1,223
16 Aug 22 James Patrick Kelly Common Stock Option exercise Acquire M No No 0 2,367 0 2,367
16 Aug 22 James Patrick Kelly RSU Common Stock Option exercise Dispose M No No 0 2,367 0 4,733
25 Jun 22 Trizzino John Common Stock Payment of exercise Dispose F No No 51.67 278 14.36K 3,928
25 Jun 22 Trizzino John Common Stock Option exercise Acquire M No No 0 833 0 4,206
25 Jun 22 Trizzino John RSU Common Stock Option exercise Dispose M No No 0 833 0 833
25 Jun 22 Herrmann John A III Common Stock Payment of exercise Dispose F No No 51.67 278 14.36K 4,400
25 Jun 22 Herrmann John A III Common Stock Option exercise Acquire M No No 0 833 0 4,678
25 Jun 22 Herrmann John A III RSU Common Stock Option exercise Dispose M No No 0 833 0 833
17 Jun 22 Douglas Richard Common Stock Option exercise Acquire M No No 0 700 0 34,150
42.5% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 312 375 -16.8%
Opened positions 54 62 -12.9%
Closed positions 117 114 +2.6%
Increased positions 90 140 -35.7%
Reduced positions 97 98 -1.0%
13F shares Current Prev Q Change
Total value 1.85B 3.22B -42.5%
Total shares 33.22M 33.02M +0.6%
Total puts 5.73M 8.7M -34.2%
Total calls 4.34M 4.63M -6.3%
Total put/call ratio 1.3 1.9 -29.8%
Largest owners Shares Value Change
Vanguard 7.35M $378.06M +5.5%
BLK Blackrock 4.26M $219.01M -5.7%
STT State Street 2.97M $152.59M +18.9%
MS Morgan Stanley 1.29M $66.15M +42.5%
Coatue Management 1.24M $63.86M +40.6%
C Citigroup 1.22M $62.89M +198.4%
Geode Capital Management 1.02M $52.59M +2.3%
Millennium Management 869.41K $44.71M +41.2%
Voloridge Investment Management 848.14K $43.62M +104.1%
Citadel Advisors 689.16K $35.44M +22.0%
Largest transactions Shares Bought/sold Change
Susquehanna International 302.8K -1.03M -77.3%
C Citigroup 1.22M +813K +198.4%
Ra Capital Management 0 -692.79K EXIT
Pictet Asset Management 63.01K -536.94K -89.5%
Farallon Capital Management 498K +498K NEW
STT State Street 2.97M +471.32K +18.9%
Voloridge Investment Management 848.14K +432.66K +104.1%
Vanguard 7.35M +383.98K +5.5%
MS Morgan Stanley 1.29M +383.42K +42.5%
Coatue Management 1.24M +358.27K +40.6%

Financial report summary

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Risks
  • The emergence and transmissibility of variants of the SARS-CoV-2 virus may affect market acceptance or sales of NVX-CoV2373, and our strategy to develop versions of our COVID-19 vaccine to protect against certain variants may not be successful.
Management Discussion
  • Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
  • Any statements in the discussion below and elsewhere in this Quarterly Report on Form 10-Q (this “Quarterly Report”) about expectations, beliefs, plans, objectives, assumptions, or future events or performance of Novavax, Inc. (“Novavax,” and together with its wholly owned subsidiaries, the “Company,” “we,” or “us”) are not historical facts and are forward-looking statements. Such forward-looking statements include, without limitation, statements about our capabilities, goals, expectations regarding future revenue and expense levels, and capital raising activities; our operating plans and prospects; potential market sizes and demand for our product candidates; the efficacy, safety, and intended utilization of our product candidates; the development of our clinical-stage product candidates and our recombinant vaccine and adjuvant technologies; the development of our preclinical product candidates; our expectations related to enrollment in our clinical trials; the conduct, timing, and potential results from clinical trials and other preclinical studies; plans for and potential timing of regulatory filings; our expectation of manufacturing capacity, timing, production, distribution, and delivery for our coronavirus vaccine candidate (“NVX-CoV2373”) by us and our partners; our estimate of the number of individuals who may potentially be reached by NVX-CoV2373; our expectations with respect to the anticipated ongoing development and commercialization or licensure of NVX-CoV2373 and our seasonal quadrivalent influenza vaccine, previously known as NanoFlu; the expected timing, content, and outcomes of regulatory actions; funding from the U.S. government partnership formerly known as Operation Warp Speed (“OWS”), the U.S. Department of Defense (“DoD”), and the Coalition for Epidemic Preparedness Innovations (“CEPI”), and payments from the Bill & Melinda Gates Foundation (“BMGF”); funding under our advance purchase agreements and supply agreements and amendments to, or termination of, any such agreement; our available cash resources and usage and the availability of financing generally; plans regarding partnering activities and business development initiatives; and other matters referenced herein. Generally, forward-looking statements can be identified through the use of words or phrases such as “believe,” “may,” “could,” “will,” “would,” “possible,” “can,” “estimate,” “continue,” “ongoing,” “consider,” “anticipate,” “intend,” “seek,” “plan,” “project,” “expect,” “should,” “would,” “aim,” or “assume,” the negative of these terms, or other comparable terminology, although not all forward-looking statements contain these words.
  • Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs and expectations about the future of our business, future plans and strategies, projections, anticipated events and trends, the economy, and other future conditions. Forward-looking statements involve estimates, assumptions, risks, and uncertainties that could cause actual results or outcomes to differ materially from those expressed or implied in any forward-looking statements, and, therefore, you should not place considerable reliance on any such forward-looking statements. Such risks and uncertainties include, without limitation, challenges satisfying, alone or together with partners, various safety, efficacy, and product characterization requirements, including those related to process qualification and assay validation, necessary to satisfy applicable regulatory authorities, such as the U.S. Food and Drug Administration (“FDA”), World Health Organization (“WHO”), United Kingdom (“UK”) Medicines and Healthcare Products Regulatory Agency (“MHRA”), the European Medicines Agency (“EMA”), the Republic of Korea’s Ministry of Food and Drug Safety (“MFDS”), or Japan’s Ministry of Health, Labour and Welfare (“MHLW”); unanticipated challenges or delays in conducting clinical trials; difficulty obtaining scarce raw materials and supplies; resource constraints, including human capital and manufacturing capacity, constraints on the ability of Novavax to pursue planned regulatory pathways, alone or with partners, in multiple jurisdictions simultaneously, leading to staggering of regulatory filings, and potential regulatory actions; challenges meeting contractual requirements under agreements with multiple commercial, governmental, and other entities; and other risks and uncertainties identified in Part I, Item 1A “Risk Factors” of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2021, which may be detailed and modified or updated in other documents filed with the United States Securities and Exchange Commission (“SEC”) from time to time, and are available at www.sec.gov and at www.novavax.com. You are encouraged to read these filings as they are made.

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