Novavax Inc. (NVAX stock): Q2 Earnings Might Fuel Up Momentum

• Novavax stock price spikes 29% after Canada agreed to pay $350 Million for unused Covid-19 shots.
• The NVAX stock price is currently trading at $8.23 while observing a decrease of -1.97% during the intraday session.
• The year-to-date return of Novavx stock price is -22.29% and the three-month return is 8.01%.

Novavax Inc. is a Gaithersburg (U.S.) based biotechnology company that develops and commercializes innovative vaccines for serious infectious diseases and viruses. The company developed vaccines for Ebola, Covid-19, influenza, respiratory syncytial virus, and other emerging infectious diseases.

Canadian Agreement For Covid-19 Vaccine.

Novavax stock price jumped when the Canadian government agreed to pay $350 Million for forfeiting Covid-19 doses that were previously scheduled for delivery. This settlement is part of an agreement between Novavax Inc. and the Canadian government. 

However, this spike in NVAX stock price fluctuated the price action on July 10. Hence, the price spikes roughly 29% from the support level of $7.30 to the resistance level of $9.55 just in a day. That spike gave upward momentum to the Novavax stock price, which reached a resistance level of $10.18 but was not halted there. 

From there, the Novavax stock price has observed a downtrend that shows the bearish sentiment in the market as they want to drag down the price and snatch away the bullish dominance. The price is trading at 8.23 with a return of -1.97%. However, there is hope for NVAX stock to recover.

Technical Analysis of Novavax Inc. stock price.

The relative strength index (RSI) trades at 50.45 during the intraday session, indicating neither strength nor weakness in the market, and the price might consolidate.

The Chaikin money flow (CMF) score is 0.06 and indicates the rise in the participation of buyers in the market during the previous 24 hours. In comparison, the NVAX stock price shows a slight weakness.

The Novavx stock price is currently trading below the 20, 50, 100, and 200-day EMA, indicating weakness in the market. However, it reflects the grimness of bears in the market.

The current market capitalization of Devon Energy Corp. stock price is $710.29 Million, with an average volume of 4.788 Million shares.

Conclusion

The recent development in Novavax Inc. has fluctuated the price action as the Canadian government had made a settlement on the predated agreement. Novavax has scheduled the earnings and revenue report on August 8, Tuesday. The consensus has estimated the earning per share (EPS) to be -1.332 and the revenue to be $264.157 Million.

Technical Levels

Major support: $5.61 and $6.56

Major resistance: $13.70 and $11.36