NOVAVAX, INC.
boothcheck covers NOVAVAX, INC. (NVAX) but does not put one priced-in number on it: here the defensible answer is the evidence rather than a point estimate. boothcheck publishes no house fair value, target price, or buy/sell rating. Narrative composed June 27, 2026.
• Novavax has remade itself from a vaccine manufacturer into a platform-and-royalty company, built around its Matrix-M adjuvant and a co-exclusive licensing deal with Sanofi for its COVID vaccine. [Source: Novavax FY2024 10-K] • The company is still losing money on a trailing basis and the share count has grown about 19% a year, so the bet rests on partnership milestones and royalties arriving on schedule rather than on current product economics. • Watch the milestone calendar: future Sanofi pay
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246 institutional managers reported holding NVAX in 13F filings for the quarter ended 2026-03-31. Together they hold about 71% of the company; the top 10 hold 53%. 44 opened new positions that quarter. Held by Vanguard Group, BlackRock, State Street, among others. On the short side, 45.1M shares were sold short as of the 2026-06-15 count, about 28% of shares outstanding (10.8 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
NVAX's share count grew 120.3% over the past five years. It pays no dividend.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
No open-market insider buys on file at NVAX over the trailing three years. Absence is a fact about the company, not a signal. 14 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
NVAX's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2023-08-09 | -5.3% | +7.2% |
| 2023-11-10 | -8.2% | -26.6% |
| 2024-02-29 | -17.9% | -4.7% |
| 2024-05-11 | +98.7% | +47.6% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
NVAX's latest 8-K filings: 2026-08-06 (items 2.02, 9.01); 2026-06-23 (items 5.07); 2026-05-06 (items 2.02, 9.01); 2026-02-26 (items 2.02, 9.01); 2026-01-20 (items 1.01).
Item codes are the SEC's own classification of what each report discloses. Dates link to the filing on EDGAR. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: June 27, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.