Tang Capital Management LLC Increases Stock Position in Atea Pharmaceuticals, Inc. (NASDAQ:AVIR)

Tang Capital Management LLC raised its stake in Atea Pharmaceuticals, Inc. (NASDAQ:AVIR - Free Report) by 3.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,788,912 shares of the company's stock after acquiring an additional 181,852 shares during the quarter. Atea Pharmaceuticals makes up 1.1% of Tang Capital Management LLC's holdings, making the stock its 25th biggest position. Tang Capital Management LLC owned approximately 5.67% of Atea Pharmaceuticals worth $16,043,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Price T Rowe Associates Inc. MD raised its position in shares of Atea Pharmaceuticals by 5.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 73,883 shares of the company's stock valued at $248,000 after buying an additional 3,882 shares in the last quarter. ProShare Advisors LLC grew its stake in Atea Pharmaceuticals by 31.5% in the fourth quarter. ProShare Advisors LLC now owns 25,733 shares of the company's stock worth $86,000 after purchasing an additional 6,163 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Atea Pharmaceuticals by 1.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 659,527 shares of the company's stock worth $2,209,000 after acquiring an additional 9,370 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in shares of Atea Pharmaceuticals by 0.8% during the fourth quarter. Renaissance Technologies LLC now owns 1,216,600 shares of the company's stock valued at $4,076,000 after purchasing an additional 9,500 shares during the last quarter. Finally, Wells Fargo & Company MN raised its stake in Atea Pharmaceuticals by 27.8% during the fourth quarter. Wells Fargo & Company MN now owns 45,391 shares of the company's stock valued at $152,000 after buying an additional 9,865 shares during the last quarter. 86.67% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have commented on AVIR shares. William Blair reiterated an "outperform" rating on shares of Atea Pharmaceuticals in a research note on Friday, March 7th. Morgan Stanley reduced their target price on shares of Atea Pharmaceuticals from $6.20 to $6.00 and set an "equal weight" rating for the company in a report on Friday, April 11th.

Atea Pharmaceuticals Stock Performance

Shares of AVIR traded down $0.09 during mid-day trading on Wednesday, hitting $2.81. 318,850 shares of the stock were exchanged, compared to its average volume of 307,855. The firm has a 50-day moving average of $2.90 and a two-hundred day moving average of $3.09. Atea Pharmaceuticals, Inc. has a 52-week low of $2.46 and a 52-week high of $4.15. The company has a market cap of $240.48 million, a PE ratio of -1.36 and a beta of 0.17.

Atea Pharmaceuticals (NASDAQ:AVIR - Get Free Report) last issued its quarterly earnings results on Monday, May 12th. The company reported ($0.40) earnings per share for the quarter, topping the consensus estimate of ($0.56) by $0.16. On average, sell-side analysts predict that Atea Pharmaceuticals, Inc. will post -2.01 EPS for the current year.

About Atea Pharmaceuticals

Atea Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, discovers, develops, and commercializes antiviral therapeutics for patients with viral infections. Its lead product candidate is AT-527, an oral antiviral candidate that is in Phase 3 SUNRISE-3 clinical trial for the treatment of patients with COVID-19.