Is Novavax’s latest wins about to help it shed the meme tag when it reports earnings?
Novavax, Inc. (NASDAQ:NVAX) is not the usual meme stock akin to GameStop and AMC. However, it has often been at the center of retail investor interest at the slightest of the news. Things will not likely be different when the company reports earnings on August 08.
Investors’ expectations remain high for Novavax. Zacks Investment Research forecasts an EPS of $5.51 in the quarter. That is a huge increase from minus 4.75% last year. Of course, investors expect the company to turn a profit this year. That was evident in the first quarter when the adjusted earnings came positive at $2.56.
Expectations of higher Novavax earnings this year come amid positive developments. The company has secured approvals for its 12–17-year-old Covid vaccine in Japan and Australia. The US also approved the Novavax vaccine for its population yet to get the vaccination. The approvals come amid manufacturing missteps last year that made Novavax a laggard entrant.
The quarter results will be a test for Novavax as it seeks to show its worth among its peers. The stock has gained nearly 14% in the last five days in anticipation of positive earnings.
Novavax pushes above moving averages as stock gains
Source – TradingView
Technically, Novavax is bullish. The stock has retested the 50-day moving average and is pushing above the 21-day MA. The MACD line is also crossing above the moving average, affirming the bullish push. If Q2 results come strong, NVAX will move to $86, an upside potential of 43%.
Novavax is expected to post strong earnings on Monday after the market close. Investors should monitor the results for a chance to buy and ride up to $86.
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