Shares of vaccine maker Novavax (NASDAQ:NVAX) are tanking today after its fourth-quarter numbers fell short of estimates.
Revenue rose 60.8% year-over-year to $357.4 million but missed expectations by $25.7 million. Net loss per share at $2.28 too, came in wider than estimates by a massive $1.27. During the quarter, the growth in revenue was attributable to higher Nuvaxovid sales.
Further, the company recently appointed John C. Jacobs as its President and CEO and began a Phase 2 study of COVID-19-Influenza combination as well as stand-alone Influenza candidates.
Next, NVAX is focusing on introducing a competitive product in the 2023 vaccination season in the fall while also optimizing costs and evolving its scale. The company had $1.3 billion in cash at the end of the quarter.
Overall, Wall Street has a consensus price target of $55.75 on NVAX, implying a massive 502% potential upside in the stock. That’s after a nearly 91.7% drop in the share price over the past year. At the same time, short interest in the stock remains elevated at about 31% at present.
Read full Disclosure
