Novavax Inc. (NVAX:NSD), the renowned American vaccine producer, witnessed a significant surge in NVAX stock during today’s trading session. The remarkable upswing can be attributed to a substantial $349.6 million compensation from Canada, following the modification of their COVID-19 vaccine agreement. With a surplus of unused vaccine doses due to a decline in global demand, Novavax and Canada’s public works and government services department reached a new deal. This revised agreement involves a reduction in the number of vaccine doses to be delivered and a revised shipping schedule.
The compensation from Canada will be disbursed in two equal payments throughout 2023, while the initial value of the contract remains unchanged. However, it is worth noting that if Novavax fails to obtain regulatory approval for vaccine production at the Biologics Manufacturing Centre by the end of 2024, the department retains the right to terminate the contract.
NVAX Stock Forecast:
The impact of this news on NVAX stock is evident when examining the past five trading days. Today’s development prompted a remarkable surge of over 29% in share prices. As a result, investors have experienced a noteworthy 27.41% increase in returns during this period.
Based on the Novavax stock forecast from 5 analysts, the average analyst target price for NVAX stock is USD 23.00 over the next 12 months. Novavax Inc’s average analyst rating is Buy. Stock Target Advisor’s own analysis of NVAX stock is Slightly Bearish, which is based on 4 positive signals and 5 negative signals. At the last closing, Novavax stock price was USD 9.36. Novavax stock price has changed by +26.83% over the past week, +25.30% over the past month, and -87.70% over the last year.
