I'm guessing there's probably some big money buying in at these levels, and you are seeing how its done.
In a similar scenario, I remember TSLA's stock had a similar scenario where it was depressed down from $200 to about $120. They started to focus on car fires, TSLA would miss quarterly estimates, etc. They made a car fire out to be like if you own a Tesla you will die in a car fire. The so called 'experts' would revise and have unrealistic street expectations for quarterly results. All used to drive down the price. I had gotten in at $132, and out at about $150 as the price nose dived and negative press kept coming. Well here it is again through my point of view.
NVAX is not TSLA, so I am not saying the two are the same. There are similarities in what is happening to NVAX's stock price.
The stock is being purposely depressed, any good news (of which there is plenty) is completely ignored and the negative is being over blown. We all knew the 1st quarter wouldn't be as good as the next quarters will be because they are spooling up with their deliveries. It still didn't stop these upward estimate revisions for their revenue. Then when it wasn't met, slam down the price. Slam it down to allow accumulation.
Big money saw what they wanted, they saw NVAX generate revenue, make a profit, and they know that EUA approval is now a formality (FDA inspected and approves of their production facility in India). They didn't over blow the positives, the revenue, profit, FDA approving of their manufacturing...that could have been spot lighted but it wasn't. It was a revenue miss like they lost money or something.
So now NVAX sits at a lower market cap than the revenue they will generate this year, almost as much cash on hand as they will have. So once accumulation is done, reality will come to NVAX. It will probably see reality over hyped the other way and stock price up. 2nd quarter, 3rd quarter, somewhere along the way I think it will happen. The stock price will be more to last year's levels.
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