NVAX Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

03
Price $10.46
Market Cap (MRQ) $1.72B
P/E (TTM) -7.7
EPS (TTM) $-1.35
Revenue (TTM) $414M
ROE (TTM) 323.7%
52W Range $6–$12

NVAX Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

04
range
bars

Bar granularity adapts to the selected period — hover the chart to see open/high/low/close for a bar.

Stock splits 1
Ex-date Split Type
May 10, 2019 1-for-20 Reverse

About Novavax, Inc. - Common Stock Company overview from Wikipedia

05 · wikidata

Novavax, Inc., based in Gaithersburg, Maryland, develops vaccines to counter infectious diseases. The company developed the Novavax COVID-19 vaccine, now commercialized by Sanofi. The company also develops vaccines for influenza, respiratory syncytial virus (RSV), avian flu, shingles, Clostridioides difficile, and malaria.

Novavax develops proprietary immune-stimulating saponin-based immunologic adjuvants at a wholly owned Swedish subsidiary, Novavax AB. One of these, Matrix-M, is used in the Novavax COVID-19 vaccine.

History

The company was founded in 1987.

In June 2013, Novavax acquired Swedish company Isconova AB, renamed Novavax AB, and its Matrix-M adjuvant platform for $30 million.

ResVax

In March 2015, the company completed a Phase I trial for its Ebola vaccine candidate, as well as a phase II study in adults for its respiratory syncytial virus vaccine, which would become ResVax. The ResVax trial was encouraging as it showed significant efficacy against respiratory syncytial virus (RSV) infection, using a nanoparticle-based treatment using a recombinant F lipoprotein or saponin, "extracted from the Quillaja saponaria [or?] Molina bark together with cholesterol and phospholipid." It is aimed at stimulating resistance to RSV infection, targeting both adult and infant populations.

In 2016, the company completed its first phase III trial, the 12,000 adult Resolve trial, for its RSV vaccine, later known as ResVax; it did not reach its goals. This triggered an eighty-five percent dive in the company's stock price. Phase II adult trial results also released in 2016 showed a stimulation of antigenicity, but failure in efficacy. Evaluation of these results suggested that an alternative dosing strategy might lead to success, leading to plans to run new phase II trials. The company's difficulties in 2016 led to a three-part strategy for 2017: cost reduction through restructuring and the termination of 30% of their workforce; pouring more effort into getting ResVax to market; and beginning clinical trials on a Zika virus vaccine.

Alongside the adult studies of ResVax, the vaccine was also in 2016 being tested against infant RSV infection through the route of maternal immunization.

In 2019, late-stage clinical testing of ResVax failed for a second time, which resulted in a major downturn in investor confidence and a seventy percent reduction in capital value for the firm. As a secondary result, the company was forced to conduct a reverse stock split in order to maintain Nasdaq minimum qualification, meaning it was in risk of being delisted.

NanoFlu

NanoFlu is a quadrivalent influenza vaccine, which completed Phase II clinical trials successfully in 2019. In January 2020, it was granted fast track designation by the U.S. Food and Drug Administration (FDA) to move into Phase III trials, which completed in March 2020.

Finance and external sponsorships

Novavax is funded by a mix of private and public investment.

In 2015, Novavax received a US$89 million research grant from the Bill and Melinda Gates Foundation to support the development of a vaccine against RSV for infants via maternal immunization.

In May 2020, Novavax received US$384 million from the Coalition for Epidemic Preparedness Innovations to fund early-stage evaluation in healthy adults of the company's COVID-19 vaccine candidate and to develop resources in preparation for large-scale manufacturing, if the vaccine proves successful. CEPI had already invested $4 million in March.

On 7 July 2020, during the Donald Trump administration, the company was awarded a US$1.6 billion loan from the United States government from Operation Warp Speed program to cover the testing, commercialization and production of a potential coronavirus vaccine in the United States, with a goal of delivering 100 million doses by January 2021.

Novavax announced a $1.2 billion partnership with Sanofi in October 2024, allowing Sanofi to use Novavax’s Matrix-M adjuvant for other products. The partnership allows Novavax to develop its own Covid/influenza combination vaccine, with the rest of their pipeline shifting to preclinical.

Novavax scaled back operations by about $1 billion from 2022 - 2024, with less focus on research and development.

In December 2024, Novavax sold its Czech manufacturing facility to Novo Nordisk for $200 million.

COVID-19 vaccine

Vaccine research and development

In January 2020, Novavax announced development of a vaccine candidate, named NVX-CoV2373, to establish immunity to SARS-CoV-2. NVX-CoV2373 is a protein subunit vaccine that contains the spike protein of the SARS-CoV-2 virus. Novavax's work is in competition for vaccine development among dozens of other companies.

In January 2021, the company released phase III trials showing that it has 89% efficacy against Covid-19, and also provides strong immunity against new variants. It has applied for emergency use in the US and UK but will be distributed in the UK first. As of May 2021, the company does not anticipate that it will file for approval in the UK "until July at the earliest". On 14 June 2021, Novavax announced overall 90.4% efficacy in the Phase 3 US and Mexico trial. Of the total 77 cases of COVID-19 among the trial's volunteers, 14 occurred in the vaccine group, while 63 occurred in the placebo group.

On 22 May 2021, Novavax and Moderna announced a deal with the South Korean government to manufacture their COVID-19 vaccines. The vaccine is also being co-developed (with the Coalition for Epidemic Preparedness Innovations) in India under the brand name Covovax. CEPI granted Novavax up to $399 million to support the development of the candidate vaccine.

On 6 September 2021, Novavax and Takeda Pharmaceutical Company announced that the Government of Japan's Ministry of Health, Labour and Welfare will purchase 150 million doses of Novavax's vaccine candidate TAK-019 pending regulatory approval. The Government of Japan's Ministry of Health, Labour and Welfare signed an agreement with Takeda Pharmaceutical Company for Takeda to manufacture and distribute Novavax's TAK-019 upon regulatory approval.

On 22 December 2021, Novavax confirmed the efficacy of two doses of vaccine against the omicron variant of SARS-CoV-2. The new data suggest that the vaccine provides an immune response against the Omicron variant and other variants of COVID-19. The response of antibodies against omicron is four times lower than the original variant. A third dose of the vaccine given to adults, six months after the first two doses, increased the level of neutralizing antibodies against the omicron variant by 73.5 times, making it more effective in preventing omicron from entering human cells.

The data shows that the 73.5-fold increase in antibody level following a third dose of Novavax vaccine (protein subunit vaccine) was higher than the booster doses of Pfizer and Moderna (mRNA vaccines), which increased the antibody levels 25-fold and 37-fold, respectively.

The Novavax COVID-19 vaccine was approved in the European Union at the end of 2021, and in Canada in February 2022, as the fifth vaccine against COVID-19, following Pfizer/BioNTech, Moderna, Janssen and AstraZeneca.

Authorization and application

On 1 November 2021, Novavax and Serum Institute of India announced that the National Agency of Drug and Food Control of Indonesia, or Badan Peng was Obat dan Makanan (Badan POM), has granted emergency use authorization (EUA) for Novavax' recombinant nanoparticle protein-based COVID-19 vaccine with Matrix-M adjuvant. It will be manufactured by SII in India and marketed by SII in Indonesia under the brand name Covovax.

On 17 December 2021, the World Health Organization (WHO) added Novavax's Covovax vaccine, jointly developed with the Serum Institute of India (SII), to the list of approved coronavirus vaccines for emergency use. The vaccine can then be used in the Covax programme for the supply of vaccines to low and middle income countries. Novavax and SII provide Covax program with 1.1 billion doses of vaccine.

On 20 December 2021, the European Medicines Agency recommended Novavax's Nuvaxovid vaccine for conditional marketing authorisation, which was formally approved by the European Commission, making it the fifth approved COVID-19 vaccine in the European Union after Pfizer/BioNTech, Moderna, Janssen and AstraZeneca.

On 20 January 2022, The Therapeutic Goods Administration (TGA) has granted provisional approval to Biocelect Pty Ltd (on behalf of Novavax Inc) for its COVID-19 vaccine, NUVAXOVID. This is the first protein COVID-19 vaccine to receive regulatory approval in Australia.

On 31 January 2022, Novavax applied to the Federal Drug Administration (FDA) for Emergency Use Authorization (EUA) for NVX-CoV2373, and on 7 June, FDA's panel of outside advisors recommended FDA grant the EUA.

In February 2022, Health Canada authorized Nuvaxovid for the prevention of COVID-19 in adults 18 years of age and older.

On 13 July 2022, the U.S. Food and Drug Administration issued an emergency use authorization (EUA) for the Novavax COVID-19 Vaccine, Adjuvanted for the prevention of COVID-19 caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) in individuals 18 years of age and older.

In July 2023, Novavax announced that it has received full Marketing Authorization from the European Commission for its COVID-19 vaccine, Nuvaxovid (NVX-CoV2373), allowing its use as a primary series in individuals aged 12 and older and as a booster dose in adults aged 18 and older. The authorization establishes a foundation for future regulatory approvals and Novavax plans to seek full approval in the United States and other markets while emphasizing the importance of vaccine choice in public health measures.

In early October 2023, the FDA amended the EUA to include the reformulated Novavax vaccine "updated to include the spike protein from the SARS-CoV-2 Omicron variant lineage XBB.1.5 (2023–2024 formula)" for age 12 and above.

In December 2023, the WHO provided prequalification status to the R21/Matrix-M malaria vaccine developed by the University of Oxford and the Serum Institute of India.

The COVID vaccine targeting the JN.1 strain was authorized for use in the European union in October 2024.

In April 2025, Novavax was still in the process of obtaining full licensure for its COVID-19 vaccine, having submitted a Biologics License Application to the FDA, who requested Novavax complete an additional clinical trial.

In May 2025, Novavax received FDA approval for its COVID-19 vaccine for adults 65 years or over. Nuvaxovid is also indicated for individuals 12 through 64 who have at least one underlying condition that puts them at high risk for severe outcomes from COVID-19.

Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗

Wikidata ↗

sectorHealthcare industryBiotechnology employees749 countryUS

10-Year Performance Revenue, net income, margins and EPS trends

06
Revenue$1.12B
2016-12-31 → 2025-12-31
EPS$2.58
2019-12-31 → 2025-12-31
Free Cash Flow·
2016-12-31 → 2021-12-31
Net margin-59.9%
2016-12-31 → 2025-12-31
Valuation & Ratios 07–12

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric 5Y trend NVAX 5Y avg Peer Median Verdict
P/E (TTM) -7.75Y avg ≈-2.4 ≈-2.4 · ·
P/S (TTM) 4.25Y avg ≈2.7 ≈2.7 25.6 Undervalued
P/B (MRQ) -9.05Y avg ≈-8.8 ≈-8.8 · ·
Price / Cash Flow -7.25Y avg ≈2.3 ≈2.3 · ·

Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.

value · ≈ 5Y avg · industry median · verdict relative to median

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

14
Avg Surprise 224.4%
Next Report Nov 04, 2026
PeriodReportEPS ActualEPS EstSurprise
June 30, 2026 Aug 12, 2026 $-0.32 $-0.39 18.6%
March 31, 2026 May 13, 2026 $-0.06 $-0.23 74.5%
Dec. 31, 2025 $0.11 $-0.50 122.1%
Sept. 30, 2025 $-1.25 $-1.21 -3.3%
June 30, 2025 $0.62 $-0.09 827.7%
March 31, 2025 $2.93 $0.72 306.9%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

15
Income Statement 17
Metric Trend 202520242023202220212020201920182017201620152014
Revenue $1.12B$682M$984M$1.98B$1.15B$476M$19M$34M$31M$15M$36M$31M
Cost of Revenue $73M$203M$344M$903M$0$0······
R&D Expense $342M$391M$738M$1.24B$2.53B$747M$114M$174M$168M$238M$163M$94M
SG&A Expense $157M$337M$469M$489M$298M$145M$34M$34M$34M$47M$31M$20M
Operating Expenses $671M$931M$1.55B$2.63B$2.83B$892M$139M$208M$203M$284M$193M$114M
Operating Income $453M$-249M$-567M$-645M$-1.69B$-417M$-121M$-174M$-172M$-269M$-157M$-84M
Interest Expense ··$14M$20M$21M$15M$14M$14M$14M$13M$241.0K$157.0K
Interest Income $30M$37M$20M·········
Other Non-op $41M$40M$38M$11M$-7M$14M$-13.0K$108.0K$67.0K$-31.0K$-120.0K$0
Pretax Income $442M$-177M$-543M$-654M$-1.71B$-418M$-133M···$-157M$-83M
Income Tax $2M$11M$2M$4M$29M$0$0···$0$0
Net Income $440M$-187M$-545M$-658M$-1.74B$-418M$-133M$-185M$-184M$-280M$-157M$-83M
EPS (Basic) $2.72$-1.23$-5.41$-8.42$-23.44$-7.27$-5.51·····
EPS (Diluted) $2.58$-1.23$-5.41$-8.42$-23.44$-7.27$-5.51·····
Shares (Basic) 161,991,000152,190,000100,768,00078,183,00074,400,00057,554,00024,100,000·····
Shares (Diluted) 173,103,000152,190,000100,768,00078,183,00074,400,00057,554,00024,100,000·····
EBITDA $481M$-201M$-526M$-616M$-1.67B···$-164M$-261M$-151M$-79M
Balance Sheet 31
Metric Trend 202520242023202220212020201920182017201620152014
Cash & Equivalents $241M$530M$569M$1.34B$1.52B$553M$79M$70M$106M$144M$93M$32M
Short-term Investments $494M$393M$0·$0$158M$0$22M$51M$91M$138M$136M
Receivables ····$455M$262M$8M··$233.0K$2M$8M
Inventory $12M$9M$42M$37M$9M·······
Prepaid Expense $27M$78M$226M$237M$165M$181M$8M$16M$18M$22M$19M$9M
Other Current Assets $10M$22M$156M$76M$45M$10M$4M$4M$5M$6M$6M$2M
Current Assets $978M$1.13B$1.14B$1.70B$2.16B$1.25B$97M$119M$203M$288M$287M$188M
PP&E (Net) $45M$138M$306M$294M$226M$180M$11M$28M$36M$40M$32M$20M
PP&E (Gross) $85M$188M$381M$342M$252M$198M$24M$64M$65M$62M$48M$31M
Accum. Depreciation $41M$49M$75M$47M$26M$18M$13M$36M$29M$22M$16M$11M
Goodwill $113M$107M$127M$126M$131M$135M$51M$52M$54M$52M$53M$55M
Intangibles ····$5M$6M$6M$7M$8M$9M$11M$13M
Other Non-current Assets $17M$24M$35M$28M$24M$13M$7M$810.0K$869.0K$799.0K$159.0K$918.0K
Total Assets $1.18B$1.56B$1.80B$2.26B$2.58B$1.58B$173M$208M$302M$394M$386M$276M
Accounts Payable $25M$42M$133M$217M$127M$54M$3M$9M$6M$6M$12M$13M
Accrued Liabilities $107M$211M$395M$591M$674M$137M$15M$20M$30M$25M$27M$19M
Short-term Debt ·········$0$395.0K$603.0K
Current Liabilities $460M$1.15B$1.64B$2.46B$2.39B$580M$26M$46M$74M$66M$76M$34M
Capital Leases $19M$23M$29M$50M$39M$10M······
Other Non-current Liabilities $239M$360M$33M$56M$42M$13M$13M$9M$10M$15M$13M$2M
Total Liabilities $1.30B$2.18B$2.51B$2.89B$2.93B$955M$359M$376M$404M$400M$93M$46M
Long-term Debt $244M···········
Total Debt ·········$0$395.0K$603.0K
Common Stock $2M$2M$1M$868.0K$764.0K$714.0K$324.0K$192.0K$3M$3M$3M$2M
Paid-in Capital $4.54B$4.50B$4.19B$3.74B$3.35B$2.54B$1.26B$1.14B$1.02B$936M$952M$729M
Retained Earnings $-4.57B$-5.01B$-4.82B$-4.28B$-3.62B$-1.87B$-1.43B$-1.30B$-1.11B$-930M$-650M$-493M
Treasury Stock $103M$96M$92M$91M$85M$42M$3M$2M$2M$2M$2M$2M
AOCI $2M$-23M$3M$-6M$-1M$7M$-13M$-11M$-9M$-12M$-9M$-7M
Stockholders' Equity $-128M$-624M$-717M$-634M$-352M$627M$-186M$-168M$-102M$-6M$293M$230M
Liabilities + Equity $1.18B$1.56B$1.80B$2.26B$2.58B$1.58B$173M$208M$302M$394M$386M$276M
Shares Outstanding 162,575,937161,942,677140,506,09386,806,55476,433,15171,350,36532,352,41619,222,410323,229,390271,245,967269,971,232238,831,864
Cash Flow 16
Metric Trend 202520242023202220212020201920182017201620152014
D&A $28M$48M$41M$29M$13M$4M$5M$7M$8M$8M$5M$4M
Stock-based Comp $36M$48M$85M$130M$184M$128M$17M$18M$20M$19M$13M$6M
Deferred Tax ··········$0$0
Amort. of Intangibles ····$400.0K$600.0K$700.0K$700.0K$2M$800.0K$900.0K$1M
Restructuring ··$15M$0········
Other Non-cash $-749M$4M$-295M$83M$1.87B···$18M$-3M$11M$5M
Operating Cash Flow $-245M$-87M$-714M$-416M$323M$-43M$-137M$-185M$-144M$-259M$-126M$-67M
CapEx ····$57M$55M$2M$1M$4M$18M$18M$7M
Investing Cash Flow $-78M$-204M$-59M$-93M$100M$-378M$38M$29M$36M$28M$-21M·
Stock Issued $0$263M$360M$249M$565M$876M$97M$100M$63M$0$204M$108M
Net Stock Activity $0$263M$360M$249M$565M···$63M$0$204M$108M
Financing Cash Flow $28M$261M$4M$325M$462M$985M$98M$103M$65M$280M$208M·
Net Change in Cash $-289M$-39M$-765M$-179M$880M$567M$221.0K$-53M$-44M$49M$61M$-87M
Taxes Paid $9M$949.0K$190.0K$18M········
Free Cash Flow ····$265M···$-143M$-274M$-144M$-74M
Levered FCF ····$244M·····$-145M$-74M
Profitability 7
Metric Trend 202520242023202220212020201920182017201620152014
Operating Margin 40.3%-36.5%-57.6%-32.5%-147.1%···-550.8%-1752.8%-433.8%-273.0%
Net Margin 39.2%-27.5%-55.4%-33.2%-152.1%···-589.5%-1823.5%-432.9%-270.5%
Pretax Margin 39.4%-25.9%-55.2%-33.0%-149.6%·····-432.9%-270.5%
EBITDA Margin 42.8%-29.5%-53.4%-31.1%-146.0%···-526.4%-1697.5%-417.2%-258.6%
ROA 32.2%-11.2%-26.9%-27.2%-83.9%···-52.8%-71.8%-47.4%-32.5%
ROE -977.1%32.6%78.1%109.7%-3180.2%···342.6%-195.0%-60.1%-38.3%
ROIC -352.9%42.4%79.3%102.4%487.8%·····-53.6%-36.4%
Liquidity & Solvency 4
Metric Trend 202520242023202220212020201920182017201620152014
Current Ratio 2.11.00.70.70.9···2.84.33.85.5
Quick Ratio 1.60.80.30.50.8···2.13.53.05.1
Debt / Equity ·········0.00.00.0
Interest Coverage ··-39.3-32.4-79.8···-12.2-20.8-652.4-533.1
Efficiency 3
Metric Trend 202520242023202220212020201920182017201620152014
Asset Turnover 0.80.40.50.80.6···0.10.00.10.1
Inventory Turnover 7.28.08.839.6········
Receivables Turnover ····3.2····12.08.16.5
Per Share 5
Metric Trend 202520242023202220212020201920182017201620152014
Book Value / Share $-0.79$-3.89$-5.14$-7.37$-4.64···$-0.31$-0.02$1.08$0.96
Revenue / Share $6.49$4.48$9.76$25.35$15.41·······
Cash Flow / Share $-1.41$-0.57$-7.09$-5.32$4.34·······
Cash / Share $1.48$3.31$4.08$15.54$19.98···$0.33$0.53$0.34$0.14
EPS (TTM) $2.58$-1.23$-5.41$-8.42$-23.44$-7.27$-5.51·····
Growth Rates 3
Metric Trend 202520242023202220212020201920182017201620152014
Revenue YoY 64.7%-30.6%-50.4%72.9%141.0%·······
Revenue CAGR 3Y -17.2%-15.9%27.4%·········
Revenue CAGR 5Y 18.8%···········
Valuation (TTM) 14
Metric Trend 202520242023202220212020201920182017201620152014
Revenue TTM $1.12B$682M$984M$1.98B$1.15B$476M$19M$34M$31M$15M$36M$31M
Net Income TTM $440M$-187M$-545M$-658M$-1.74B$-418M$-133M$-185M$-184M$-280M$-157M$-83M
Market Cap $1.09B$1.29B$670M$884M$10.85B···$8.02B$6.84B$45.30B$28.33B
Enterprise Value ·········$6.60B$45.07B$28.16B
P/E 2.6-6.5-0.9-1.2-6.1-15.3-0.7·····
P/S 1.01.90.70.49.5···257.1445.21249.7923.9
P/B -8.6-2.1-0.9-1.4-30.9···-78.8-1232.5154.8123.4
P / Tangible Book ·····16.3······
P / Cash Flow -4.5-14.8-0.9-2.133.6···-57.8-26.8-359.3-422.7
P / FCF ····40.9···-56.1-25.0-313.8-381.3
EV / EBITDA ·········-25.3-298.0-355.1
EV / FCF ·········-24.1-312.2-379.1
EV / Revenue ·········429.91243.3918.4
Earnings Yield 38.4%-15.3%-112.7%-81.9%-16.4%-6.5%-138.4%·····

Most recent period on the left · null values shown as ·

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

16
Metric 2025-12-312024-12-312023-12-312022-12-312021-12-31
Revenue $1.12B $682M $984M $1.98B $1.15B
Operating Margin % 40.3% -36.5% -57.6% -32.5% -147.1%
Net Income $440M $-187M $-545M $-658M $-1.74B
Diluted EPS $2.58 $-1.23 $-5.41 $-8.42 $-23.44

Institutional owners (13F) 314 filers · $1.3B total · As of Sept. 30, 2026

17

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Holders 314
Value held $1.3B
New positions 45
Exited positions 28
Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
45 (-15 vs prior Q) 28 (-4 vs prior Q) 87 (+14 vs prior Q) 91 (+3 vs prior Q) +1.0M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution Value Shares % of tracked 13F Type
SHAH CAPITAL MANAGEMENT $133,439,735 14,165,577 10.17% Shares
BlackRock, Inc. $131,379,618 13,946,881 10.02% Shares
STATE STREET CORP $110,595,981 11,740,550 8.43% Shares
VANGUARD GROUP INC $103,960,853 15,470,365 7.93% Shares
VANGUARD PORTFOLIO MANAGEMENT LLC $71,667,322 7,607,996 5.46% Shares
VANGUARD CAPITAL MANAGEMENT LLC $68,365,170 7,257,449 5.21% Shares
Sanofi $64,814,131 6,880,481 4.94% Shares
D. E. Shaw & Co., Inc. $53,231,525 5,650,905 4.06% Shares
GEODE CAPITAL MANAGEMENT, LLC $39,641,825 4,207,370 3.02% Shares
TWO SIGMA INVESTMENTS, LP $38,537,625 4,091,043 2.94% Shares
COATUE MANAGEMENT LLC $36,144,408 3,836,986 2.76% Shares
BANK OF AMERICA CORP /DE/ $32,180,934 3,416,235 2.45% Shares
GOLDMAN SACHS GROUP INC $28,333,064 3,007,756 2.16% Shares
Graham Capital Management, L.P. $19,655,772 2,086,600 1.50% Put option
SUSQUEHANNA INTERNATIONAL GROUP, LLP $18,572,472 1,971,600 1.42% Call option
UBS Group AG $17,612,188 1,869,659 1.34% Shares
MILLENNIUM MANAGEMENT LLC $16,656,095 1,768,163 1.27% Shares
CITADEL ADVISORS LLC $15,969,848 1,695,313 1.22% Shares
CITADEL ADVISORS LLC $15,409,236 1,635,800 1.17% Put option
Allianz Asset Management GmbH $14,876,064 1,579,200 1.13% Shares
NORTHERN TRUST CORP $13,641,178 1,448,108 1.04% Shares
TSP Capital Management Group, LLC $13,370,420 1,419,365 1.02% Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC $12,685,038 1,346,607 0.97% Shares
VANGUARD FIDUCIARY TRUST CO $10,221,642 1,085,100 0.78% Shares
JUPITER ASSET MANAGEMENT LTD $10,081,585 1,070,232 0.77% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $8,604,228 913,400 0.66% Put option
AQR CAPITAL MANAGEMENT LLC $8,502,964 902,650 0.65% Shares
Bank of New York Mellon Corp $8,004,342 849,718 0.61% Shares
FEDERATED HERMES, INC. $6,622,316 703,006 0.50% Shares
Point72 Asset Management, L.P. $6,257,574 664,286 0.48% Shares
MARSHALL WACE, LLP $6,149,123 652,773 0.47% Shares
FMR LLC $5,735,877 608,904 0.44% Shares
Monaco Asset Management SAM $5,439,711 577,464 0.41% Shares
Edgestream Partners, L.P. $5,273,278 559,796 0.40% Shares
CITIGROUP INC $4,834,353 513,201 0.37% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $4,767,302 506,083 0.36% Shares
RENAISSANCE TECHNOLOGIES LLC $4,726,796 501,783 0.36% Shares
CITADEL ADVISORS LLC $4,518,774 479,700 0.34% Call option
CITIGROUP INC $4,443,414 471,700 0.34% Call option
MORGAN STANLEY $4,394,030 466,456 0.34% Shares
Trexquant Investment LP $4,349,610 461,742 0.33% Shares
TUDOR INVESTMENT CORP ET AL $4,115,598 436,900 0.31% Call option
DIMENSIONAL FUND ADVISORS LP $3,737,018 396,711 0.28% Shares
FIRST TRUST ADVISORS LP $3,633,284 385,699 0.28% Shares
UBS Group AG $3,499,643 371,512 0.27% Call option
Nuveen, LLC $3,263,229 346,415 0.25% Shares
JANE STREET GROUP, LLC $2,700,714 286,700 0.21% Call option
GROUP ONE TRADING LLC $2,673,594 283,821 0.20% Shares
ALGERT GLOBAL LLC $2,618,666 277,990 0.20% Shares
Swiss National Bank $2,617,818 277,900 0.20% Shares

Show all 314 institutional owners →

Activists & 5%+ owners 11 positions

18

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer Filed Stake Status Purpose Filing
Shah Capital Management, Shah Capital Opportunity Fund LP, Himanshu H. Shah ×7 filings May 15, 2026 9.03% Amendment · SEC
Shah Capital Management, Inc., Shah Capital Opportunity Fund LP, Himanshu H. Shah ×2 filings May 20, 2024 · Initial filing · SEC
Dr. Rajiv I. Modi, Cadila Pharmaceuticals Ltd, Satellite Overseas (Holdings) Limited ×3 filings March 21, 2014 · Initial filing · SEC
KPCB Holdings, Inc., KPCB Pandemic and Bio Defense Fund, LLC, KPCB PBD Associates, LLC March 10, 2006 · Initial filing Passive investment SEC
Undisclosed reporting person, Undisclosed reporting person Nov. 4, 2005 · Initial filing · SEC
King Pharmaceuticals, Inc. ×2 filings Oct. 13, 2005 · Initial filing · SEC
Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person Sept. 6, 2005 · Initial filing Passive investment SEC
Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person Feb. 26, 2003 · Initial filing Passive investment SEC
S.S. or King Pharmaceuticals, Inc. July 24, 2002 · Initial filing Passive investment SEC
Undisclosed reporting person Sept. 19, 2001 · Initial filing Passive investment SEC
Anaconda Opportunity Fund, L.P., Anaconda Capital, L.P., Mitchell J. Kelly ×2 filings April 10, 2001 · Initial filing · SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

Company insiders 52 insiders · 27 officers · 25 directors

19
Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
John C Jacobs President and CEO March 2, 2026 A 225,680 0 0 $0
Stanley C Erck President and CEO Dec. 14, 2022 M 36,492 0 0 $0
Rahul Singhvi President, CEO March 10, 2011 A 113,104 0 0 $0
James Patrick Kelly EVP, CFO and Treasurer March 7, 2026 M 130,599 0 0 $0
Gregory F Covino EVP, Chief Financial Officer Nov. 16, 2020 A · 0 0 $0
Barclay A Phillips SVP, Chief Financial Officer July 31, 2017 P 38,669 0 0 $0
Frederick W Driscoll VP, CFO & Treasurer March 2, 2013 A 20,000 0 0 $0
Len F Stigliano VP, CFO, Treasurer July 31, 2008 P 20,554 0 0 $0
Jeffrey Wayne Church VP, CFO, Treasurer & Corp. Sec March 7, 2007 A · 0 0 $0
Dennis W Genge VP, Treasurer,CFO Feb. 17, 2006 A 6,400 0 0 $0
John Trizzino President and COO March 7, 2025 M 68,061 0 0 $0
Filip Dubovsky President, R&D June 17, 2024 M 66,613 0 0 $0
Gregory M Glenn President, R&D March 10, 2023 M 18,339 0 0 $0
Robert Edward Walker EVP, R&D April 14, 2026 A · 0 0 $0
Ruxandra Draghia-Akli EVP, Research & Development March 2, 2026 A 23,563 0 0 $0
Elaine O'Hara EVP, Chief Strategy Officer March 2, 2026 A 134,642 0 0 $0
Mark J Casey EVP, Chief Legal Officer March 2, 2026 A 90,067 0 0 $0
John A Herrmann III EVP, Chief Legal Officer Dec. 14, 2023 M 13,233 0 0 $0
Timothy Jon Hahn SVP, Manufacturing March 5, 2015 A 110,485 0 0 $0
Wilson Russell P SVP, Business Development March 5, 2015 A 64,939 0 0 $0
Thomas Scott Johnston Vice President, Strategy March 15, 2010 A 11,000 0 0 $0
Penny Heaton VP & Chief Medical Officer July 2, 2009 S 18,667 0 0 $0
Evdoxia E Kopsidas Sr.Dir.Fin.,Prin.Acctg.Officer June 17, 2009 A · 0 0 $0
Jim Robinson VP, Technical & Quality Ops. March 5, 2009 A 77,590 0 0 $0
Hall Patricia Chief Accounting Officer Oct. 31, 2006 M 13,514 0 0 $0
Ford R Lynch Sr. VP Marketing and Sales July 26, 2004 P 4,300 0 0 $0
Craig D Wright Chief Scientific Officer March 9, 2004 A 51,626 0 0 $0
Rachel K. King Director June 20, 2026 M 44,070 0 0 $0
Gregg H Alton Director June 20, 2026 M 47,685 0 0 $0
Richard J Rodgers Director June 20, 2026 M 47,370 0 0 $0
David M Mott Director June 20, 2026 M 79,770 0 0 $0
Margaret G Mcglynn Director June 20, 2026 M 44,468 0 0 $0
DOUGLAS RICHARD Director June 20, 2026 M 73,220 0 0 $0
John W. Shiver Director June 18, 2026 A 7,947 0 0 $0
Charles W. Newton Director June 18, 2026 A 9,520 0 0 $0
James F Young Director Dec. 31, 2024 S 51,760 0 0 $0
Michael A Mcmanus JR Director June 16, 2022 M 10,101 0 0 $0
Gary C Evans Director June 17, 2021 M 19,549 0 0 $0
Gail Boudreaux Director March 16, 2017 A 200,000 0 0 $0
Rajiv I. Modi Director June 17, 2015 S 2,500,000 0 0 $0
John O Marsh JR Director March 6, 2014 A 36,000 0 0 $0
John A Lambert Director April 15, 2010 A 80,000 0 0 $0
Thomas P Monath Director March 5, 2009 A 3,225,366 0 0 $0
James B Tananbaum Director March 5, 2009 A 3,151,818 0 0 $0
ODONNELL DENIS M Director March 7, 2007 A 221,495 0 0 $0
KELLY MITCHELL J Director March 3, 2006 S 500 0 0 $0
Michael J Lazarus MD Director Feb. 17, 2006 A 11,927 0 0 $0
Susan B Bayh Director May 4, 2005 A · 0 0 $0
Ronlad H Walker Director March 9, 2004 A · 0 0 $0
KING PHARMACEUTICALS INC 10% owner July 16, 2004 J 4,100,931 0 0 $0
Raymond Joseph Hage · July 2, 2009 M 5,251 0 0 $0
Nelson M Simms · Aug. 15, 2005 D 275,000 0 0 $0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

ETF ownership Held by 30 ETFs

20

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund Weight Units As of Source
PBE · Invesco Exchange-Traded Fund Trust 3.18% 1,243,050 SH Oct. 2, 2026 Daily
IDNA · iShares Trust 1.41% 388,569 SH Sept. 11, 2026 Daily
BBP · ETFis Series Trust I 1.14% 152,832 NS July 31, 2026 N-PORT
LABU · Direxion Shares ETF Trust 0.38% 255,116 NS July 31, 2026 N-PORT
IBBQ · Invesco Exchange-Traded Fund Trust … 0.12% 11,718 SH Oct. 2, 2026 Daily
IBB · iShares Trust 0.11% 1,194,423 SH Sept. 11, 2026 Daily
PWS · Pacer Funds Trust 0.11% 3,486 NS July 31, 2026 N-PORT
VTWV · VANGUARD SCOTTSDALE FUNDS 0.09% 132,629 SH Aug. 19, 2026 Daily
IWM · iShares Trust 0.05% 3,915,893 SH Sept. 11, 2026 Daily
VBK · VANGUARD INDEX FUNDS 0.04% 2,187,922 SH Aug. 19, 2026 Daily
VTWO · VANGUARD SCOTTSDALE FUNDS 0.04% 877,397 SH Aug. 19, 2026 Daily
RSSL · Global X Funds 0.04% 72,850 NS July 31, 2026 N-PORT
TECB · iShares Trust 0.03% 15,347 SH Sept. 11, 2026 Daily
VXF · VANGUARD INDEX FUNDS 0.02% 1,892,748 SH Aug. 19, 2026 Daily
VB · VANGUARD INDEX FUNDS 0.02% 3,775,808 SH Aug. 19, 2026 Daily
VHT · VANGUARD WORLD FUND 0.02% 416,565 SH Aug. 19, 2026 Daily
ISCG · iShares Trust 0.02% 19,900 SH Sept. 11, 2026 Daily
PRF · Invesco Exchange-Traded Fund Trust 0.02% 159,261 SH Oct. 2, 2026 Daily
FHLC · FIDELITY COVINGTON TRUST 0.01% 64,499 NS July 31, 2026 N-PORT
WSML · iShares Trust 0.01% 8,992 SH Sept. 11, 2026 Daily
TILT · FlexShares Trust 0.00% 12,956 NS July 31, 2026 N-PORT
ITOT · iShares Trust 0.00% 248,773 SH Sept. 11, 2026 Daily
IWV · iShares Trust 0.00% 42,080 SH Sept. 10, 2026 Daily
DXUV · Dimensional ETF Trust 0.00% 228 NS July 31, 2026 N-PORT
VTI · VANGUARD INDEX FUNDS 0.00% 5,197,170 SH Aug. 19, 2026 Daily
VTHR · VANGUARD SCOTTSDALE FUNDS 0.00% 12,359 SH Aug. 19, 2026 Daily
IWN · iShares Trust · 1,443,464 SH Sept. 11, 2026 Daily
ISCB · iShares Trust · 6,917 SH Sept. 11, 2026 Daily
ISCV · iShares Trust · 20,646 SH Sept. 11, 2026 Daily
SMLF · iShares Trust · 111,155 SH Sept. 11, 2026 Daily

NVAX Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

21
rating · 15 analysts BUY
Median target $16.02 +53.2%
4 26.7% Strong Buy
6 40.0% Buy
2 13.3% Hold
2 13.3% Sell
1 6.7% Strong Sell

12-Month Price Target

9 analysts · 2026-10-03

Mean target $14.00 +33.9%

Now Current price $10.46
Low$7.00 Mean$14.00 High$25.00

Peer comparison (GICS sub-industry) Key metrics vs sector peers

22

FY basis, prices as of each company's last fiscal year-end close.

Ticker Market Cap P/E Rev YoY Net Margin ROE Gross Margin
NVAX $1.09B 2.6 64.7% 39.2% -977.1% ·
PVLA $1.30B -28.2 65.3% -1610.6% -110.1% ·
SRPT $2.26B -3.0 15.6% -32.5% -57.1% ·
GENB · · · · · ·
NTLA $1.05B -2.4 16.9% -609.8% -59.5% ·
STOK $1.87B -264.5 404.5% -3.7% -2.0% ·
ZYME $1.97B -24.4 38.9% -76.6% -26.9% ·
XNCR $1.10B -12.3 13.7% -73.2% -14.0% ·
SNDX $1.84B -6.4 627.8% -165.6% -257.1% ·

Latest News Recent headlines mentioning this company

23

My Metrics Your personal watchlist — selected rows from Full Fundamentals

26

Pick the metrics that matter to you — click the + next to any row in Full Fundamentals above.

Your selection is saved and follows you across all tickers.

Source: SEC 10-Q filed Aug 6, 2026