NVAX Stock Alert: Novavax just hit a new 52-week high

Novavax (NASDAQ:NVAX) Stock investors celebrated on Friday as shares of the vaccine company hit a new 52-week high after announcing a deal Sanofi (NASDAQ:SNY).

That sent shares of NVAX stock as high as $9.22 per share during regular trading hours on Friday. This means that around 142 million shares change hands. As a reminder, this is well above the daily average of about 6.8 million shares.

Investors will note that NVAX stock has not been in this range since September 2022. However, it is still far from its previous high price of $290.18 per share. It’s worth noting that Novavax shares reached this price at the height of the Covid-19 pandemic.

The Sanofi deal includes a co-exclusive licensing agreement with Novavax. This concerns the Covid-19 vaccine. Sanofi will also take a minority stake of less than 5% in the company.

JPMorgan upgrades NVAX stock

On top of all this positive news comes an upgrade from JPMorgan analysts. This has resulted in the rating on NVAX stock being raised from “underweight” to “neutral.” That’s still a bit pessimistic compared to the analyst consensus rating of “moderate buy,” which is based on three opinions.

NVAX stock is up 97.3% since Friday afternoon and is up 75.4% since the beginning of the year.

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At the time of publication, William White did not hold, directly or indirectly, any positions in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to those of InvestorPlace.com Publishing Guidelines.

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