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Tuesday, January 09, 2024 6:54:45 AM
3 Turnaround Stocks With 151% to 600% Upside in 2024, According to Select Wall Street Analysts
Sean Williams, The Motley Fool
Tue, January 9, 2024, 5:21 AM EST
https://finance.yahoo.com/news/3-turnaround-stocks-151-600-102100466.html
Novavax: Implied upside of 600%
The comeback story of the year, at least based on the price target of one Wall Street analyst, may be biotech stock Novavax (NASDAQ: NVAX). Despite tumbling more than 98% from its all-time high, H.C. Wainwright analyst Vernon Bernardino foresees shares of Novavax catapulting to $35. This would represent a 600% increase from the $5 shares closed at on Jan. 5.
Perhaps the biggest pendulum swing for Novavax is pending arbitration concerning orders for its COVID-19 vaccine with Gavi, a nongovernmental global vaccine organization. Gavi is seeking $700 million following the cancellation of a contract with Novavax for 350 million doses of its COVID-19 vaccine.
If Novavax owes nothing, its financial foundation would be greatly improved. Meanwhile, if it has to pay $700 million to Gavi, its ability to continue as a solvent company may come into question.
Cost-cutting is another big catalyst in 2024 for Novavax. The company practically halved its operating expenses through the first nine months of 2023 -- a $950 million reduction when compared to the comparable period in 2022 -- and has plans to slash another $300 million in full-year costs in the new year. If Novavax can meet these aggressive cost-cutting goals, it should meaningfully reduce its rate of cash burn.
The other wild card here is figuring out what happens with COVID-19 vaccine demand. Novavax used traditional methods to develop a protein-based vaccine, which is markedly different than the messenger-RNA vaccines developed by Moderna and Pfizer/BioNTech. If Novavax were to see stronger demand for its COVID-19 vaccine, or gather momentum as it kicks off late-stage studies for a combination vaccine (influenza and COVID-19), it's possible shares could enjoy significant upside in the new year.
While I'm not nearly as bullish on Novavax as Bernardino, a triple-digit gain could be in the cards in 2024 if things fall Novavax's way.
Recent NVAX News
- Shah Capital nominates two highly qualified independent director candidates for Novavax • GlobeNewswire Inc. • 04/15/2024 10:00:00 AM
- Novavax Presents Data on Updated COVID-19 Vaccine and Progress to Date on its COVID-19-Influenza Combination Vaccine Candidate at World Vaccine Congress 2024 • PR Newswire (US) • 04/01/2024 12:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/06/2024 12:30:14 AM
- Novavax to Participate in TD Cowen's 44th Annual Health Care Conference • PR Newswire (US) • 02/29/2024 09:02:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/28/2024 01:07:50 PM
- Novavax Reports Fourth Quarter and Full Year 2023 Financial Results and Operational Highlights • PR Newswire (US) • 02/28/2024 01:00:00 PM
- Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405] • Edgar (US Regulatory) • 02/28/2024 12:30:55 PM
- Goldman Sachs Reconsiders Fed Cuts, LUNR Surges Over 40% in Pre-Market, and More • IH Market News • 02/23/2024 01:03:59 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/22/2024 11:02:36 AM
- Novavax and Gavi Reach Settlement on 2021 COVID-19 Vaccine Advance Purchase Agreement • PR Newswire (US) • 02/22/2024 11:00:00 AM
- Novavax to Host Conference Call to Discuss Fourth Quarter and Full Year 2023 Financial Results and Operational Highlights on February 28, 2024 • PR Newswire (US) • 02/20/2024 02:25:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/31/2024 01:00:41 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/25/2024 10:00:09 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/08/2024 02:25:15 PM
- Novavax to Participate in the 42nd Annual J.P. Morgan Healthcare Conference • PR Newswire (US) • 01/03/2024 02:25:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 12/18/2023 10:12:26 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 12/18/2023 10:09:21 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 12/18/2023 10:00:29 PM
- Novavax's Updated COVID-19 Vaccine Receives Emergency Use Authorization in Taiwan • PR Newswire (US) • 12/18/2023 01:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 12/13/2023 10:00:21 PM
- Form 3 - Initial statement of beneficial ownership of securities • Edgar (US Regulatory) • 12/13/2023 10:00:16 PM
- Moderna Shares, Other Covid Vaccine Makers Hit by Warning From Pfizer • Dow Jones News • 12/13/2023 01:31:00 PM
- Canadians Can Help Protect Loved Ones as We Head into the Holiday Season • PR Newswire (Canada) • 12/13/2023 01:00:00 PM
- Novavax's Updated COVID-19 Vaccine Now Authorized in Canada • PR Newswire (US) • 12/05/2023 09:01:00 PM
- Novavax's Updated COVID-19 Vaccine Now Authorized in Canada • PR Newswire (Canada) • 12/05/2023 09:01:00 PM
NanoViricides Reports that the Phase I NV-387 Clinical Trial is Completed Successfully and Data Lock is Expected Soon • NNVC • May 2, 2024 10:07 AM
ILUS Files Form 10-K and Provides Shareholder Update • ILUS • May 2, 2024 8:52 AM
Avant Technologies Names New CEO Following Acquisition of Healthcare Technology and Data Integration Firm • AVAI • May 2, 2024 8:00 AM
Bantec Engaged in a Letter of Intent to Acquire a Small New Jersey Based Manufacturing Company • BANT • May 1, 2024 10:00 AM
Cannabix Technologies to Deliver Breath Logix Alcohol Screening Device to Australia • BLO • Apr 30, 2024 8:53 AM
Hydromer, Inc. Reports Preliminary Unaudited Financial Results for First Quarter 2024 • HYDI • Apr 29, 2024 9:10 AM