Key Highlights

  • Novavax shares are trading 2.12% higher at $10.23 on Wednesday, October 28, 2026, above an implied prior close near $10.02 (calculated).
  • Short interest was 46.05 million shares, or 27.92% of shares outstanding, with 8.08 days to cover.
  • Second-quarter revenue was $57 million, down 76%, with a net loss of $53.4 million.
  • Cash, marketable securities and restricted cash were $724 million on June 30, 2026.
  • A $125 million Sanofi milestone is triggered when the Phase 3 COVID-influenza combination trial starts in the U.S. or EU.

Novavax Move: Why Are Shares Edging 2.12% Higher at $10.23 Among the Most Shorted?

Novavax (NASDAQ:NVAX) shares are trading 2.12% higher at $10.23 on Wednesday, October 28, 2026. The implied prior close is near $10.02 (calculated). No dated company release accompanied the move, which follows a volatile October.

The stock fell roughly 10% to 12% on October 16 as the broader biotech rally paused, and it closed at $9.99 on October 22 after a 9.26% decline and at $9.40 on October 26. The 52-week range runs from $6.20 to $13.39. At $10.23, the market value is about $1.69 billion, calculated on 164.95 million shares.

Novavax Second-Quarter Results: How Did Revenue Fall 76% While Guidance Rose?

Novavax develops protein-based vaccines for infectious diseases and sells the Nuvaxovid COVID-19 vaccine, alongside the Matrix-M adjuvant used in partner products. It reported second-quarter results on August 6, 2026.

Revenue was $57 million, down 76% from $239 million, because the year-earlier quarter included a $175 million milestone for the U.S. approval of Nuvaxovid. The net loss was $53.4 million, or $0.32 per share, compared with net income of $106.5 million.

Management raised adjusted total revenue guidance for 2026 to $235 million to $275 million from $230 million to $270 million, and trimmed combined research and selling expense to $370 million to $410 million. On August 28 the updated 2026-2027 formula was approved in the U.S., EU and Japan.

Sanofi Partnership: What Milestones Could Reshape Novavax's Cash Flow?

Novavax licenses Nuvaxovid commercialization to Sanofi (NASDAQ:SNY). A $125 million milestone is triggered when the Phase 3 COVID-influenza combination trial begins in the U.S. or EU, and a $75 million technology-transfer milestone is expected around mid-2027. Further combination-program milestones could reach $350 million, and Nuvaxovid royalties run in the high teens to low twenties as a percentage of Sanofi's global net sales.

Sanofi is in advanced talks with regulators on the timing of the combination trial, and no start date has been given. Pfizer (NYSE:PFE) and Takeda (NYSE:TAK) are also partners.

The balance sheet showed $724 million of cash, marketable securities and restricted cash, long-term debt of $291.5 million and a stockholders' deficit of $190.7 million. Management targets non-GAAP profitability as early as 2028.

Novavax Short Interest: What Could 46.05 Million Shares Sold Short Mean?

Short-interest data for the settlement date of September 30, 2026, showed 46.05 million shares sold short, down from 49.88 million on the prior report. That is 27.92% of shares outstanding, with 8.08 days to cover.

A position of this size can intensify moves in either direction. Covering can add buying pressure on good news, while a pickup in selling can extend declines. Two research firms raised price targets to $8 from $7 in October, which remain below the current quote.

What to Watch Next: Does the Combination Trial Start and What Does the Third Quarter Show?

The next items are the outcome of Sanofi's regulatory talks on combination-trial timing, third-quarter results, the pace of Nuvaxovid pharmacy sales this season and the 2027 clinical entry for the C. difficile candidate.