Shares of Novavax (NVAX) are soaring 5.16% in pre-market trading on Friday, following a positive analyst rating and improved earnings prospects. The vaccine maker's stock is showing signs of recovery after a challenging period, attracting investor attention amid recent financial developments.

BTIG analyst Thomas Shrader has maintained a Buy rating on Novavax, setting a price target of $19.00. This vote of confidence from a respected analyst appears to be a key driver behind the stock's pre-market rally. The optimistic outlook suggests potential upside for Novavax, which has faced headwinds in recent months.

Adding to the positive sentiment, Novavax has seen favorable revisions to its earnings estimates. For the current quarter, the company is expected to post earnings of $0.19 per share, representing a significant 118.1% change from the year-ago quarter. The consensus earnings estimate for the current fiscal year has been revised upward by 360.9% over the last 30 days, now standing at $0.41 per share. These improved financial projections are likely contributing to renewed investor interest in the stock.

While Novavax's recent performance has been mixed, with revenues declining year-over-year, the company has shown resilience by surpassing consensus EPS estimates in two of the last four quarters. As the biotech sector continues to evolve, investors appear to be reevaluating Novavax's potential, driving the stock's pre-market surge.