Stock Market News

Novavax Crashes 30% After a Deep Guidance Cut, Analyst ‘Frustrated’

2022.08.09 15:45

Novavax Crashes 30% After a Deep Guidance Cut, Analyst 'Frustrated'
Novavax (NVAX) Crashes 30% After a Deep Guidance Cut, Analyst ‘Frustrated’

By Senad Karaahmetovic

Shares of Novavax (NASDAQ:NVAX) crashed almost 33% in premarket Tuesday trading after the company cut its full-year revenue guidance.

For the second quarter, Novavax reported a loss per share of $6.53, much worse than the anticipated loss of $5.24. Revenue came in at only $185.9 million while analysts were looking for as much as $974.5 million in Q2 sales.

On a full-year basis, Novavax sees revenues between $2 and $2.3 billion, much lower than the prior forecast of $4 billion to $5 billion. The street consensus was at $4.18 billion.

A JPMorgan analyst said NVAX delivered a “remarkable” topline miss.

“After printing its first profitable quarter in 1Q on the heels of initial APA drawdowns, this quarter’s weak performance is not all too surprising, and dovetails with the broader backdrop of COVID vaccine oversupply in high income countries and low Nuvaxovid administration rates to date… We struggle to see the levers that would drive meaningful new orders in the near-term,” Joseph told clients.

The analyst sees NVAX shares trading “rangebound” as he expects “product demand trends to continue as the primary focus over the mid-term.”

A Cowen analyst noted frustrations among analysts and investors after the print but continues to rate NVAX at Outperform.

“We continue to stand by our original thesis: that the shares remain undervalued for the future, likely more consistent, annual endemic opportunity,” Yordanov wrote in a research note.

“We remain optimistic that Novavax has a path to compete in the much more consistent annual re-vaccination endemic market, as long as management executes.”

Source

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 98,797.47 1.02%
ethereum
Ethereum (ETH) $ 3,487.99 5.63%
tether
Tether (USDT) $ 1.00 0.04%
solana
Solana (SOL) $ 261.71 2.46%
bnb
BNB (BNB) $ 675.50 8.94%
xrp
XRP (XRP) $ 1.55 9.36%
dogecoin
Dogecoin (DOGE) $ 0.464012 16.65%
cardano
Cardano (ADA) $ 1.10 23.05%
usd-coin
USDC (USDC) $ 1.00 0.01%
staked-ether
Lido Staked Ether (STETH) $ 3,487.73 5.66%
tron
TRON (TRX) $ 0.222939 12.22%
avalanche-2
Avalanche (AVAX) $ 42.76 11.29%
shiba-inu
Shiba Inu (SHIB) $ 0.000028 11.72%
the-open-network
Toncoin (TON) $ 6.15 12.75%
wrapped-steth
Wrapped stETH (WSTETH) $ 4,111.78 5.16%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 98,649.43 1.11%
stellar
Stellar (XLM) $ 0.453727 55.52%
polkadot
Polkadot (DOT) $ 8.19 33.81%
chainlink
Chainlink (LINK) $ 17.60 16.78%
bitcoin-cash
Bitcoin Cash (BCH) $ 539.59 13.10%
sui
Sui (SUI) $ 3.65 3.66%
weth
WETH (WETH) $ 3,497.23 5.92%
pepe
Pepe (PEPE) $ 0.000022 8.91%
leo-token
LEO Token (LEO) $ 8.63 1.40%
near
NEAR Protocol (NEAR) $ 6.41 14.69%
litecoin
Litecoin (LTC) $ 102.90 15.76%
aptos
Aptos (APT) $ 12.98 9.66%
uniswap
Uniswap (UNI) $ 10.83 15.05%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,675.99 5.76%
hedera-hashgraph
Hedera (HBAR) $ 0.150328 15.50%
internet-computer
Internet Computer (ICP) $ 11.47 17.11%
crypto-com-chain
Cronos (CRO) $ 0.201336 8.47%
usds
USDS (USDS) $ 1.00 0.21%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.582762 28.75%
ethereum-classic
Ethereum Classic (ETC) $ 30.87 12.44%
render-token
Render (RENDER) $ 8.02 12.04%
kaspa
Kaspa (KAS) $ 0.161249 9.79%
bittensor
Bittensor (TAO) $ 542.97 11.13%
bonk
Bonk (BONK) $ 0.000051 2.64%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.09%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.44 16.69%
arbitrum
Arbitrum (ARB) $ 0.874702 9.96%
whitebit
WhiteBIT Coin (WBT) $ 24.68 0.04%
vechain
VeChain (VET) $ 0.043896 35.97%
dogwifcoin
dogwifhat (WIF) $ 3.54 12.39%
dai
Dai (DAI) $ 1.00 0.12%
mantra-dao
MANTRA (OM) $ 3.78 3.46%
cosmos
Cosmos Hub (ATOM) $ 8.26 17.01%
blockstack
Stacks (STX) $ 2.12 12.27%
filecoin
Filecoin (FIL) $ 5.30 14.85%