Novavax Reports First Quarter 2024 Financial Results and Operational Highlights
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May 10, 2024 9:27 AM EDT
JPMorgan analyst Eric Joseph upgraded Novavax (NASDAQ: NVAX) from Underweight to Neutral.
The analyst comments "On the back of the announced licensing deal with Sanofi, we are upgrading Novavax shares to Neutral from Underweight. With the injection of cash upfront ($500M) removing Novavaxs going concern, , and the greater commercial heft brought to both COVID... More
May 10, 2024 4:15 AM EDT
(Updated - May 10, 2024 9:20 AM EDT)
Novavax (NASDAQ: NVAX) shares skyrocketed more than 120% in premarket trading Friday, driven by the companys fiscal Q1 2024 report and more importantly, a vital, multi-billion dollar deal with French pharma giant Sanofi SA.
For the first quarter, Novavax reported a first-quarter loss per share of $1.05, wider than the $0.92 anticipated by analysts. The company's revenue was $93.85 million, significantly falling short of the consensus estimate of $141.16 million.
Novavax also offered revenue guidance for the fiscal 2024, expecting between $800 million and $1 billion, compared to the consensus estimate of $845.5... More
