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Novavax (NVAX) Soars 8.2%: Is Further Upside Left in the Stock?

Novavax NVAX shares ended the last trading session 8.2% higher at $7.67. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 13.6% loss over the past four weeks.

Share price rose after the FDA granted emergency use authorization (“EUA”) to an updated version of Novavax’s protein-based COVID-19 vaccine in individuals aged 12 years and older. Following the EUA, this updated vaccine is the only non-mRNA vaccine option available to people in the United States.

This vaccine maker is expected to post quarterly loss of $1.40 per share in its upcoming report, which represents a year-over-year change of +34.9%. Revenues are expected to be $181.13 million, down 75.3% from the year-ago quarter.

Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.

For Novavax, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on NVAX going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

Novavax belongs to the Zacks Medical - Biomedical and Genetics industry. Another stock from the same industry, Anika Therapeutics ANIK, closed the last trading session 0.8% higher at $18.83. Over the past month, ANIK has returned 3.7%.

Anika's consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.33. Compared to the company's year-ago EPS, this represents a change of -13.8%. Anika currently boasts a Zacks Rank of #1 (Strong Buy).

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