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- 1 NVAX stock price is floating below the trading price range of $5.80 and showing a bearish outlook.
- 2 Novavax (NVAX) stock price tried to surge on March 21, when it crossed the trading price range of $6, but did not continue.
NVAX stock price gave a bearish outlook in almost every time frame, while it closed on March 22 at $5.78 with 3.99% decline in 24-hours. Novavax, Inc., (NASDAQ: NVAX) a biotechnology company, engages in the discovery, development, and commercialization of recombinant vaccines. In just one month, NVAX dropped 42.32%, while its weekly decline was 6.77%. The health care stock further showed a 45.42% decline in its year-to-date (YTD) price and dropped nearly 92% in one year, according to data from Tradingview.
NVAX Stock Price Nearing 52-Week Low
NVAX stock price is nearing its 52-week low that is at $5.77, as its previous close was at $5.78. Its immediate resistance is at $7.30, that is near to 20-day EMA. The RSI curve is at 27 which is in the oversold region, thus a bounce can be expected soon.
At first the stock needed to reach its 20-day EMA which required bulls’ support. Technical indicators including MACD have generated negative crossover indicating bearishness to continue in the coming days. Technical analysis suggests that the health care stock is in a bearish grip and if the market sentiment remains positive, then a small movement can be expected.
Novavax’s Late Entry in The Market
According to a Yahoo report, last year in July, the Novavax company gained an emergency use authorization (EUA) for its Covid-19 vaccine, the 4th approved vaccine in the U.S. However, this came more than a year after Pfizer (NYSE: PFE) and Moderna (NASDAQ: MRNA) got their EUAs. As Novavax doesn’t require specialized equipment to store its vaccine, it hopes that its vaccine may have worldwide reach.
The reasons for Novavax’s late entry also highlight the risks of its global strategy. The health care company was initially unable to manufacture vaccine doses at the quantity and purity required by regulators. Thus, the final result was months of delays.
The 2022 earnings reports of Novavax Inc showed $2 billion in revenue and $2.6 billion in expenses, with $1.3 billion in cash.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
