B. Riley Adjusts Price Target on Novavax to $16

NVAX Stock Falls 8% Despite Q3 Earnings & Sales Beat, Costs Decline

Novavax reported Q3 2026 loss of 19 cents per share, beating estimates, with revenues of $68 million exceeding consensus. The company raised 2026 revenue guidance to $385-$415 million, primarily driven by a $125 million Sanofi milestone. Despite operational improvements and cost reductions, shares fell 8.2% as investors focused on the one-time nature of the milestone and dependence on a potential 2029 U.S. vaccine launch for profitability.

B. Riley Securities Reiterates Buy on Novavax, Lowers Price Target to $16

Novavax Reports Third Quarter 2026 Financial Results and Operational Highlights

Novavax announced its Q3 2026 financial results, reporting $68.3 million in revenue and a narrowed net loss, while raising its full-year 2026 revenue guidance.

8-K filing — NOVAVAX INC (NVAX)

Filed: 2026-11-05 AccNo: 0001000694-26-000021 Size: 403 KB Item 2.02: Results of Operations and Financial Condition Item 9.01: Financial Statements and Exhibits

TD Cowen Raises Novavax Price Target to $11

TD Cowen has increased its price target for Novavax, Inc. from $9 to $11.

Novavax Earns $125 Million Milestone Payment from Sanofi

Novavax has received a $125 million milestone payment following the initiation of Sanofi's Phase 3 clinical trial for an influenza-COVID-19 combination vaccine.