Novavax (NVAX)
Builds protein vaccines and Matrix-M partnerships around Nuvaxovid and R21/Matrix-M.
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Develops recombinant protein vaccines and the Matrix-M adjuvant platform, with Nuvaxovid commercialized mainly through Sanofi and R21/Matrix-M supplied through partners. Revenue depends on partner commercialization, licensing, royalties, product supply, regulatory transfers, and a pipeline built for future collaboration.
Develops vaccines from recombinant protein nanoparticles and the Matrix-M adjuvant, a platform used in Nuvaxovid and the R21/Matrix-M malaria vaccine. Work is centered in Gaithersburg, with commercialization and supply spread through Sanofi, Takeda, Serum Institute, and other partners.
The business now runs through Nuvaxovid product supply and Sanofi-led commercialization, Matrix-M licensing and royalties, and early-stage vaccine assets intended for partnership. Named programs include flu-COVID combinations led by Sanofi and early work in pandemic influenza, C. difficile, shingles, RSV combinations, and oncology collaborations.
Execution depends on partner launches, regulatory transfers, technology transfer, supply commitments, and access to collaboration or financing capital. Operations are being reset around a leaner footprint rather than a broad owned manufacturing network.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Oct 24, 2025 | Cantor Fitzgerald | Target | Target: $174 | Target: $18 |
| Oct 23, 2025 | H.C. Wainwright | Target | Target: $19 | Target: $11 |
| Aug 20, 2025 | B of A Securities | Downgrade |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $719.3M · Total debt $295.6M · Total assets $955.6M · Shareholders' equity −$190.7M
- Revenue
- $56.7M
- Operating income
- −$54.9M
- Net income
- −$53.4M
No dividends on record.
| Institutions | 72.00% | 118.76M shares | |
|---|---|---|---|
| 298 holders · as of Jun 30, 2026 | |||
| Insiders | 9.67% | 15.95M shares | |
| 17 holders · as of Jun 23, 2026 | |||
| Other | 18.33% | 30.24M shares | |
| remainder | |||
164.95M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Himanshu H. ShahInsider | 9.00% | 14.84M | filed May 15, 2026 |
Shah Capital ManagementInstitution | 8.59% | 14.17M | as of Jun 30, 2026 |
BlackRock, Inc.Institution | 8.46% | 13.95M | as of Jun 30, 2026 |
State Street CorpInstitution | 7.12% | 11.74M | as of Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 4.61% | 7.61M | as of Jun 30, 2026 |
Insider tradesForm 4
No open-market trades in the last 12 months.
- Moderna
mRNA respiratory vaccines across COVID, RSV, and flu-COVID
- Pfizer
COVID and RSV vaccine scale plus Matrix-M partner overlap
- Sanofi (ADR)
Partner and competitor across COVID, flu, and combinations
- GSK (ADR)
RSV, flu, shingles, and adjuvanted vaccine overlap
- AstraZeneca (ADR)
RSV immunization and nasal flu overlap
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Novavax | $10.26 | −1.49% | $1.71B | — | — | 4.1 | −76.3% |
| Moderna | $171.46 | −0.86% | $68.62B | — | — | 30.8 | +2.1% |
| Pfizer | $27.55 | −0.68% | $158.10B | 36.7 | 9.8 | 2.5 | +2.6% |
| Sanofi (ADR) | $42.05 | −1.06% | $102.05B | 75.6 | — | 1.8 | +11.2% |
| GSK (ADR) | $50.30 | −1.53% | $102.34B | 16.1 | 9.2 | 2.3 | +5.3% |
| AstraZeneca (ADR) | $167.16 | −0.56% | $260.70B | 25.2 | 15.7 | 4.2 | +6.4% |
| Median | 30.9 | 9.8 | 2.5 | +5.3% |