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Novavax Q1 revenue beats estimates

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Yahoo Finance’s Jared Blikre joined Yahoo Finance Live to break down Novavax’s first-quarter earnings report.

Video Transcript

SEANA SMITH: Welcome back. Novavax is out with its earnings report. You can see shares moving slightly higher, up just around 3/10 of a percent. Jared Blikre has the numbers for us. Jared.

JARED BLIKRE: That's right. We've got some nice beats for Novavax. Revenue for the first quarter coming at $447.2 million. That's versus estimates of $234 million. So big beat right there. And also, substantially up year over year. The loss per share now was $3.05. But that's better than the estimated loss of $3.60, much better than their loss per share of 58-- or excuse me, a little bit more than their loss per share of $0.58 a year ago.

Now cash and cash equivalents ended with $2 billion at the end of the quarter. That's versus estimates of about $180 million. And that's because they were able to utilize them at the market offering during the quarter. And they got net proceeds of $565 million. That means that they've been selling shares into a relatively liquid and up market for the most part. Bloomberg currently has about six buys, is reporting they have six buys, one hold, and zero sells on them.

And I just want to take a quick look at some of the charts here. Now this is a year to date look. And this is a company, of course, in the vaccine space. So it can be very volatile, as they continue to go through trials. But the news of President Biden possibly signing away IP-- the intellectual property of some of these vaccines did cause that drop the other day. And we have been testing these potential support levels that we've seen them play in the past, with the stock now down-- let me see-- now it's up a little bit. I say if these support levels are holding into tomorrow's close, probably have a decent chance for a rally off of them. A close below means some more selling. But some decent headline numbers here for Novavax.