Novavax, Inc. (NASDAQ:NVAX) announced that Barclay A. “Buck” Phillips, Senior Vice President and Chief Financial Officer, will be leaving the Company to pursue other opportunities. Mr. Phillips’ departure is not the result of any dispute or disagreement with the Company, or any matter relating to the Company’s accounting practices or financial statements. Mr. Phillips’ employment with the Company is expected to continue through November 10, 2017. He will provide financial, accounting and transition services as a consultant to Novavax until December 31, 2017. CEO Stanley C. Erck will act as the interim CFO pending completion of a search for a new Chief Financial Officer.
Erck commented, “Buck has been instrumental in a number of significant Novavax accomplishments, and we thank him for all his contributions over the last four years. We wish him all the best in his new endeavors.”
Shares of Novavax are down nearly 2.5% to $1.15 in pre-market trading Friday. NVAX has a 1-year high of $1.78 and a 1-year low of $0.73. The stock’s 50-day moving average is $1.14 and its 200-day moving average is $1.07.
On the ratings front, NVAX has been the subject of a number of recent research reports. In a report issued on September 19, Piper Jaffray analyst Edward Tenthoff reiterated a Hold rating on NVAX, with a price target of $1.50, which represents a potential upside of 27% from where the stock is currently trading. On August 10, Cantor Fitzgerald’s William Tanner reiterated a Hold rating on the stock and has a price target of $2.00.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Edward Tenthoff and William Tanner have a yearly average return of 11.1% and 10.8% respectively. Tenthoff has a success rate of 49% and is ranked #487 out of 4698 analysts, while Tanner has a success rate of 51% and is ranked #734.
Novavax operates as a clinical-stage biopharmaceutical company, which engages in the provision of development of recombinant nanoparticle vaccines and adjuvants. Its product pipeline targets infectious diseases with vaccine candidates in clinical development for respiratory syncytial virus, seasonal influenza, pandemic influenza, and Ebola virus.