Novavax

NVAX • NASDAQ

Novavax is a biotechnology company in the healthcare sector on NASDAQ, led by Stanley C. Erck, with a market cap of $1.1B. As of Q3 2025, 63% of shares are held by 237 institutional investors, with VANGUARD GROUP INC as the largest holder at 9.36%.

President and Chief Executive OfficerStanley C. Erck

Market Cap$1.1B

Biotechnology

Healthcare

Employees2.0K

Websitenovavax.com

Country

United States of America

Overview

Overview of institutional ownership in NVAX as of Q3 2025 with a market cap of $1.4B

All Institutions

Institutions: 237
Value Held: $893.9M
Shares Held: 103.1M
Avg Position: $3.8M
Median Position: $211.3K

Hedge Funds

Hedge Funds: 24
Value Held: $199.8M
Shares Held: 23.0M
Avg Position: $8.3M
Median Position: $671.3K

Ownership Breakdown

Institutional (non-HF)

49.29%

$694.1M

Hedge Funds

14.19%

$199.8M

Retail & Other

36.52%

$514.3M

Based on market cap of $1.4B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in NVAX as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
VANGUARD GROUP INC Institution	Salim Ramji CEO	$131.7M 0.00% of portfolio	9.36% 15.2M shares	≤ Q2 2013 Held for 12y 5m+	$6.69T
B BlackRock, Inc. Institution	-	$110.7M 0.00% of portfolio	7.86% 12.8M shares	≤ Q2 2013 Held for 12y 5m+	$5.67T
SHAH CAPITAL MANAGEMENT Hedge Fund•Long/Short	Himanshu Harshad Shah President	$102.4M 18.32% of portfolio	7.27% 11.8M shares	Q4 2022 Held for 2y 11m	$559.0M
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$62.4M 0.00% of portfolio	4.43% 7.2M shares	≤ Q2 2013 Held for 12y 5m+	$2.88T
S Sanofi Institution	-	$59.7M 22.91% of portfolio	4.24% 6.9M shares	Q4 2024 Held for 11 months	$260.4M
D D. E. Shaw & Co., Inc. Institution	-	$37.1M 0.03% of portfolio	2.63% 4.3M shares	≤ Q2 2013 Held for 12y 5m+	$115.81B
C COATUE MANAGEMENT LLC Hedge Fund•Multi-Strategy	Thomas Jerome Laffont Founder	$33.3M 0.08% of portfolio	2.36% 3.8M shares	Q1 2022 Held for 3y 8m	$40.8B
GEODE CAPITAL MANAGEMENT LLC ETF Provider	David Kenneth Lane CEO	$32.9M 0.00% of portfolio	2.33% 3.8M shares	≤ Q2 2013 Held for 12y 5m+	$1.57T
UBS Group AG Institution	Sergio P. Ermotti CEO	$30.5M 0.01% of portfolio	2.16% 3.5M shares	Q4 2014 Held for 10y 11m	$511.54B
BANK OF AMERICA CORP /DE/ Institution	Brian T. Moynihan CEO	$26.9M 0.00% of portfolio	1.91% 3.1M shares	≤ Q2 2013 Held for 12y 5m+	$1.33T

Net Capital Flow

Institutional buying and selling activity for NVAX in Q3 2025

Traded: +$19.6M
Buyers: 120
Sellers: 111
Total Bought: +$78.6M
Total Sold: −$59.0M
Avg Position: $3.1M

Biggest Buyers

Institution	Net Bought	Current Position
UBS Group AG Institution	+$10.9M +1.3M shares	$30.5M 3.5M shares
A Allianz Asset Management AG Institution	+$7.6M +873.0K shares	$12.2M 1.4M shares
FARALLON CAPITAL MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$6.6M +764.0K shares	$6.8M 780.0K shares
H HRT FINANCIAL LLC Institution	+$5.5M +630.1K shares	$10.8M 1.2M shares
RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant	+$4.6M +529.1K shares	$10.4M 1.2M shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	+$4.0M +456.6K shares	$11.1M 1.3M shares
J Jump Financial, LLC Institution	+$3.9M +446.8K shares	$3.9M 446.8K shares
STATE STREET CORP Institution	+$3.2M +372.5K shares	$62.4M 7.2M shares
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$3.1M +358.1K shares	$3.1M 358.1K shares
D D. E. Shaw & Co., Inc. Institution	+$2.9M +333.1K shares	$37.1M 4.3M shares

Biggest Sellers

Institution	Net Sold	Current Position
JUPITER ASSET MANAGEMENT LTD Long Only Manager	−$6.8M −779.8K shares	$872.3K 100.6K shares
Deep Track Capital, LP Hedge Fund•Long/Short	−$6.3M −998.5K shares	Sold Off 0 shares
C Cubist Systematic Strategies, LLC Institution	−$4.3M −492.1K shares	$1.9M 221.5K shares
G GROUP ONE TRADING, L.P. Institution	−$4.2M −479.0K shares	$3.3M 378.2K shares
T TANG CAPITAL MANAGEMENT LLC Institution	−$3.8M −600.0K shares	Sold Off 0 shares
J JANE STREET GROUP, LLC Institution	−$3.1M −358.2K shares	$5.5M 639.7K shares
WELLS FARGO & COMPANY/MN Institution	−$2.9M −337.3K shares	$2.9M 329.2K shares
VANGUARD GROUP INC Institution	−$2.1M −238.6K shares	$131.7M 15.2M shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	−$1.7M −201.8K shares	$6.3M 730.0K shares
MORGAN STANLEY RIA/Wealth	−$1.4M −162.3K shares	$9.3M 1.1M shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited NVAX in Q3 2025

New Positions: 15
New Value: $3.0M
Exited Positions: 43
Exited Value: $22.8M

New Positions

Institution	Position Value
O ORACLE INVESTMENT MANAGEMENT INC Institution	$2.1M 243.0K shares
Ashton Thomas Private Wealth, LLC RIA/Wealth	$356.7K 41.1K shares
Palumbo Wealth Management LLC RIA/Wealth	$269.2K 31.0K shares
P Pilgrim Partners Asia Pte Ltd Institution	$117.9K 13.6K shares
I INSIGNEO ADVISORY SERVICES, LLC RIA/Wealth	$87.1K 10.0K shares
Point72 Europe LLP Digital Asset Manager	$41.8K 4.8K shares
Q Quarry LP Institution	$32.7K 3.8K shares
Groupe la Francaise Fund of Funds	$3.6K 500.0 shares
FINANCIAL CONSULATE, INC RIA/Wealth	$3.5K 398.0 shares
Grey Fox Wealth Advisors, LLC RIA/Wealth	$1.3K 150.0 shares

Exited Positions

Institution	Previous Position
Deep Track Capital, LP Hedge Fund•Long/Short	$6.3M 998.5K shares
T TANG CAPITAL MANAGEMENT LLC Institution	$3.8M 600.0K shares
S SIMPLEX TRADING, LLC Institution	$1.4M 216.1K shares
THRIVENT FINANCIAL FOR LUTHERANS Insurance Manager	$1.3M 209.6K shares
Quinn Opportunity Partners LLC Hedge Fund•Event Driven	$1.2M 190.1K shares
C Campbell & CO Investment Adviser LLC Hedge Fund•Quant Macro	$1.2M 189.4K shares
Kingstone Capital Partners Texas, LLC RIA/Wealth	$1.0M 161.3K shares
Verition Fund Management LLC Hedge Fund•Multi-Strategy	$923.9K 146.6K shares
S Skaana Management L.P. Hedge Fund•Convert Bond Arb	$921.1K 146.2K shares
Engineers Gate Manager LP Hedge Fund•Quant	$823.5K 130.7K shares

Options Activity

Institutions with the largest Call and Put options positions in NVAX as of Q3 2025

Call Positions: 20
Call Value: $47.4M
Put Positions: 27
Put Value: $77.9M

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$18.8M 21.7K contracts
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	$6.2M 7.1K contracts
J JANE STREET GROUP, LLC Institution	$5.3M 6.1K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$4.3M 4.9K contracts
D D. E. Shaw & Co., Inc. Institution	$2.3M 2.7K contracts
N NOMURA HOLDINGS INC Institution	$1.7M 2.0K contracts
GOLDMAN SACHS GROUP INC Institution	$1.6M 1.9K contracts
DIADEMA PARTNERS LP Hedge Fund•Long/Short	$1.5M 1.7K contracts
Walleye Trading LLC RIA/Wealth	$1.4M 1.6K contracts
Walleye Trading Advisors, LLC Hedge Fund•Multi-Strategy	$1.3M 1.5K contracts

Put Positions

Institution	Position Value
Graham Capital Management, L.P. Hedge Fund•Multi-Strategy	$22.1M 25.5K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$11.4M 13.1K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$9.9M 11.4K contracts
OZ MANAGEMENT LP Hedge Fund•Multi-Strategy	$7.6M 8.8K contracts
J JANE STREET GROUP, LLC Institution	$6.0M 6.9K contracts
Point72 Asset Management, L.P. Hedge Fund•Multi-Strategy	$4.1M 4.7K contracts
Walleye Trading LLC RIA/Wealth	$3.6M 4.2K contracts
D D. E. Shaw & Co., Inc. Institution	$2.4M 2.8K contracts
WOLVERINE ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	$1.9M 2.2K contracts
GOLDMAN SACHS GROUP INC Institution	$1.6M 1.9K contracts

Most Committed Institutions

Institutions with NVAX as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
S Sanofi Institution	-	22.91% $59.7M	4.24% 6.9M shares	Q4 2024 Held for 11 months	$260.4M
SHAH CAPITAL MANAGEMENT Hedge Fund•Long/Short	Himanshu Harshad Shah President	18.32% $102.4M	7.27% 11.8M shares	Q4 2022 Held for 2y 11m	$559.0M
TSP Capital Management Group, LLC Private Equity	Aaron Michael Perrine Managing Partner	3.25% $12.1M	0.86% 1.4M shares	Q4 2019 Held for 5y 11m	$373.7M
O ORACLE INVESTMENT MANAGEMENT INC Institution	-	1.48% $2.1M	0.15% 243.0K shares	Q3 2025 Held for 2 months	$142.6M
Monaco Asset Management SAM RIA/Wealth	Kirstin Lynn Hark Director	1.35% $3.5M	0.25% 400.0K shares	Q2 2023 Held for 2y 5m	$256.5M
H Headlands Technologies LLC Institution	-	0.22% $2.8M	0.20% 323.0K shares	Q2 2025 Held for 5 months	$1.3B
A AXQ CAPITAL, LP Hedge Fund•Market Neutral	Taro Hsu Kuriyama COO	0.17% $444.4K	0.03% 51.3K shares	Q1 2025 Held for 8 months	$261.9M
Eversept Partners, LLC Hedge Fund•Long/Short	Rishi Rasesh Shah President	0.16% $2.1M	0.15% 243.2K shares	Q1 2025 Held for 8 months	$1.3B
V Virtus Investment Advisers, Inc. Institution	Daphne Tippens Chisolm President	0.15% $538.9K	0.04% 62.2K shares	Q1 2025 Held for 8 months	$348.7M
G GROUP ONE TRADING, L.P. Institution	-	0.10% $3.3M	0.23% 378.2K shares	Q2 2024 Held for 1y 5m	$3.3B

Hedge Fund Spotlight

Discover hedge funds investing in NVAX

FARALLON CAPITAL MANAGEMENT LLC

Hedge Fund • Multi-Strategy

Portfolio ManagerEdric Calvin Saito

Portfolio Value: $17.7B
Positions: 134
Last Reported: Q3 2025

Sector Allocation

Position in Novavax

Market Value: $6.8M
Shares Held: 780.0K
Portfolio Weight: 0.04%
Owned Since: 2024-Q1

Top Holding	Sector	Market Value	Weight
1 Microsoft MSFT	Software - Infrastructure Technology	$990.9M	5.60%
2 Aon plc AON	Insurance - Brokers Financial Services	$812.3M	4.59%
3 Exelixis EXEL	Biotechnology Healthcare	$805.4M	4.55%