Novavax, Inc. (NASDAQ:NVAX) is not the usual meme stock akin to GameStop and AMC. However, it has often been at the center of retail investor interest at the slightest of the news. Things will not likely be different when the company reports earnings on August 08.
Investors’ expectations remain high for Novavax. Zacks Investment Research forecasts an EPS of $5.51 in the quarter. That is a huge increase from minus 4.75% last year. Of course, investors expect the company to turn a profit this year. That was evident in the first quarter when the adjusted earnings came positive at $2.56.
Are you looking for fast-news, hot-tips and market analysis?
Sign-up for the Invezz newsletter, today.
Expectations of higher Novavax earnings this year come amid positive developments. The company has secured approvals for its 12–17-year-old Covid vaccine in Japan and Australia. The US also approved the Novavax vaccine for its population yet to get the vaccination. The approvals come amid manufacturing missteps last year that made Novavax a laggard entrant.
The quarter results will be a test for Novavax as it seeks to show its worth among its peers. The stock has gained nearly 14% in the last five days in anticipation of positive earnings.
Novavax pushes above moving averages as stock gains
Technically, Novavax is bullish. The stock has retested the 50-day moving average and is pushing above the 21-day MA. The MACD line is also crossing above the moving average, affirming the bullish push. If Q2 results come strong, NVAX will move to $86, an upside potential of 43%.
Summary
Novavax is expected to post strong earnings on Monday after the market close. Investors should monitor the results for a chance to buy and ride up to $86.
Where to buy right now
To invest simply and easily, users need a low-fee broker with a track record of reliability. The following brokers are highly rated, recognised worldwide, and safe to use:
- Etoro, trusted by over 13m users worldwide. Register here >
- Capital.com, simple, easy to use and regulated. Register here >
*Cryptoasset investing is unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk.
Source: https://invezz.com/news/2022/08/05/is-novavaxs-latest-wins-about-to-help-it-shed-the-meme-tag-when-it-reports-earnings/