Shares of Novavax (NVAX) are soaring 5.16% in pre-market trading on Friday, following a positive analyst report from BTIG. The surge comes as investors react to BTIG analyst Thomas Shrader's reiterated Buy rating on the vaccine maker's stock, along with a price target of $19.00.
The analyst's bullish stance appears to be driven by Novavax's strategic positioning and strong efficacy results. This vote of confidence comes at a crucial time for the company, which has faced challenges in recent months. According to a separate report by Zacks Investment Research, Novavax's stock has experienced a significant decline of 33.5% over the past month, compared to the S&P 500's 6.1% drop.
Despite the recent downturn, there are signs of potential improvement in Novavax's financial outlook. Zacks notes that the consensus earnings estimate for the current fiscal year has seen a substantial upward revision of 360.9% over the last 30 days, indicating a possible turnaround in the company's fortunes. As Novavax continues to navigate the competitive landscape of vaccine development and production, investors will be closely watching for further developments that could impact the stock's performance.
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