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Novavax , Inc. (NASDAQ:NVAX), a biotechnology company currently valued at $1.05 billion and trading at an attractive P/E ratio of 2.13, reported the results of its annual meeting held Friday, where shareholders voted on three proposals, according to a statement released in a Securities and Exchange Commission filing. According to InvestingPro analysis, the company appears undervalued based on its Fair Value estimate, with 8 additional key insights available to subscribers.
Shareholders elected three Class III directors to serve three-year terms expiring at the 2028 annual meeting. The elected directors are Rachel K. King, John W. Shiver, and Charles W. Newton. The vote totals were as follows: Rachel K. King received 38,346,660 votes in favor and 19,134,990 against, John W. Shiver received 43,711,347 votes in favor and 13,838,060 against, and Charles W. Newton received 42,892,746 votes in favor and 14,645,927 against. Abstentions and broker non-votes were also recorded for each nominee. The company has demonstrated strong financial performance, with revenue growing 25.92% and maintaining profitability over the last twelve months.
Shareholders also approved, on an advisory basis, the compensation of the company’s named executive officers. The results showed 41,390,651 votes in favor, 15,830,308 against, and 530,262 abstaining. There were 37,607,973 broker non-votes on this proposal.
In addition, shareholders ratified the appointment of Ernst & Young LLP as Novavax’s independent registered public accounting firm for the fiscal year ending December 31, 2025. The vote totals for this proposal were 79,306,893 in favor, 15,057,873 against, and 994,428 abstaining.
As of the record date of April 21, 2025, there were 161,968,503 shares of Novavax common stock outstanding and entitled to vote. At the meeting, 95,359,194 shares were present in person virtually or represented by proxy, constituting a quorum.
These results were disclosed in a press release statement included in the company’s SEC filing.
In other recent news, Novavax has reported positive results for its COVID-19-Influenza Combination (CIC) and standalone trivalent influenza vaccine candidates. These candidates demonstrated strong immune responses in an initial Phase 3 trial cohort, with immune responses comparable to existing vaccines. Additionally, the U.S. Food and Drug Administration (FDA) has approved Novavax’s Biologics License Application for its Nuvaxovid vaccine, which is now authorized for adults aged 65 and older and those aged 12 to 64 with high-risk conditions. This FDA approval has triggered a $175 million milestone payment from Sanofi (NASDAQ:SNY) Pasteur Inc. under their collaboration agreement. Meanwhile, Citi has initiated coverage of Novavax with a sell rating due to concerns over the company’s strategic shift and current valuation. JPMorgan has maintained an Underweight rating on Novavax, citing minimal expected sales for Nuvaxovid in 2025. The FDA has also announced new trial requirements for COVID-19 boosters for healthy individuals under 65, which could impact Novavax’s market strategy. These developments highlight ongoing changes and challenges for Novavax as it navigates its product portfolio and strategic direction.
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