The company also reported narrower-than-expected first-quarter losses
The shares of Novavax Inc (NYSE:NVAX) are soaring today, up 47.9% at $11.02 at last glance, after a series of updates. The drug maker announced narrower-than-expected first-quarter losses per share, while revenue missed estimates. Promising data for its combined Covid-influenza shot is giving the stock a boost, though, as well as news that the company will cut 25% of its global workforce.
Earlier up as high as $11.36, today's pop has NVAX trading at its highest levels since February. The stock has also jumped into positive territory for 2023, now up 7.5% year-to-date.
Unsurprisingly, options traders are swarming the equity. So far, 43,000 calls and 21,000 puts have crossed the tape, which is already 13 times the average daily volume. The weekly 5/12 10-strike call is the most popular, with new positions being bought to open there.
Analysts have yet to chime in, but four of the six in coverage currently carry a "hold" or worse rating. Meanwhile, it's worth noting that short interest represents 39.8% of NVAX's available float, or over five days' worth of pent-up buying power.