Vir Biotechnology (NASDAQ:VIR) Cut to "Strong Sell" at Zacks Research

Key Points

• Zacks Research downgraded Vir Biotechnology to “strong sell” from “hold,” although the broader analyst consensus remains “Moderate Buy” with an average price target of $21.86.
• Vir shares opened at $11.52, near their 12-month high of $11.94, while the company reported quarterly EPS of $0.47 and revenue of $238.95 million—well above analyst estimates.
• Institutional investors own 65.32% of Vir’s stock, with BlackRock, ARCH Venture Management and ADAR1 Capital Management among firms that recently established positions.

Vir Biotechnology (NASDAQ:VIR - Get Free Report) was downgraded by equities researchers at Zacks Research from a "hold" rating to a "strong sell" rating in a research report issued to clients and investors on Tuesday, Zacks reports.

A number of other equities analysts also recently commented on the company. Morgan Stanley set a $25.00 price objective on Vir Biotechnology in a research report on Thursday, August 6th. HC Wainwright boosted their target price on shares of Vir Biotechnology from $20.00 to $22.00 and gave the company a "buy" rating in a report on Wednesday. Wall Street Zen raised shares of Vir Biotechnology from a "sell" rating to a "hold" rating in a research note on Saturday, August 8th. Weiss Ratings restated a "sell (d-)" rating on shares of Vir Biotechnology in a report on Friday, October 2nd. Finally, Raymond James Financial reaffirmed a "strong-buy" rating on shares of Vir Biotechnology in a research report on Monday, September 28th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $21.86.

Vir Biotechnology Trading Down 0.7%

Shares of NASDAQ VIR opened at $11.52 on Tuesday. The stock has a market cap of $1.95 billion, a PE ratio of -6.19 and a beta of 1.59. Vir Biotechnology has a 12-month low of $4.82 and a 12-month high of $11.94. The company has a 50-day moving average of $10.36 and a 200 day moving average of $9.76.

Vir Biotechnology (NASDAQ:VIR - Get Free Report) last issued its earnings results on Wednesday, August 5th. The company reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.14. The company had revenue of $238.95 million for the quarter, compared to analyst estimates of $135.88 million. The company's revenue for the quarter was up 19582.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.80) earnings per share. On average, sell-side analysts forecast that Vir Biotechnology will post -1.84 EPS for the current fiscal year.

Institutional Trading of Vir Biotechnology

Several hedge funds have recently made changes to their positions in the business. BlackRock Inc. purchased a new position in Vir Biotechnology in the 2nd quarter valued at approximately $210,712,000. ARCH Venture Management LLC purchased a new stake in shares of Vir Biotechnology during the second quarter worth $129,353,521. ADAR1 Capital Management LLC acquired a new stake in shares of Vir Biotechnology in the second quarter valued at $25,034,000. Dimensional Fund Advisors LP boosted its holdings in Vir Biotechnology by 1.7% in the first quarter. Dimensional Fund Advisors LP now owns 2,579,678 shares of the company's stock valued at $23,107,000 after purchasing an additional 43,401 shares during the period. Finally, Pictet Asset Management Holding SA boosted its holdings in Vir Biotechnology by 10,878.9% in the first quarter. Pictet Asset Management Holding SA now owns 1,480,828 shares of the company's stock valued at $13,268,000 after purchasing an additional 1,467,340 shares during the period. Institutional investors and hedge funds own 65.32% of the company's stock.

About Vir Biotechnology

Vir Biotechnology, Inc is a clinical-stage immunology company focused on developing treatments and preventive therapies for serious infectious diseases. The company uses immunologic insights, antibody technology, cellular approaches and other scientific platforms to address diseases in which the immune system plays a central role.

Vir's research and development programs have included therapies for chronic hepatitis B, influenza, human immunodeficiency virus (HIV) and COVID-19. Its pipeline has included investigational antibody and immunomodulatory candidates such as tobevibart and elebsiran for hepatitis B, as well as programs designed to prevent or treat other viral infections.

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