Bank of New York Mellon Corp Takes $881,000 Position in Atea Pharmaceuticals, Inc. $AVIR

Key Points

• Bank of New York Mellon initiated an $881,000 position in Atea Pharmaceuticals during the second quarter, purchasing 189,452 shares and acquiring a 0.24% stake. Institutional investors collectively own 86.67% of the company.
• Atea reported a quarterly loss of $0.41 per share, beating analyst expectations of a $0.56 loss; analysts project a full-year loss of $1.99 per share.
• AVIR shares opened at $5.31, near their 50-day and 200-day moving averages. Analyst sentiment is mixed, with an average “Hold” rating and a consensus price target of $7.00.

Bank of New York Mellon Corp purchased a new position in Atea Pharmaceuticals, Inc. (NASDAQ:AVIR - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 189,452 shares of the company's stock, valued at approximately $881,000. Bank of New York Mellon Corp owned 0.24% of Atea Pharmaceuticals at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Rhumbline Advisers lifted its holdings in shares of Atea Pharmaceuticals by 2.6% in the 2nd quarter. Rhumbline Advisers now owns 119,420 shares of the company's stock worth $430,000 after buying an additional 2,977 shares during the period. Jump Financial LLC grew its stake in Atea Pharmaceuticals by 36.5% in the fourth quarter. Jump Financial LLC now owns 19,113 shares of the company's stock valued at $68,000 after purchasing an additional 5,106 shares during the last quarter. Bridgeway Capital Management LLC raised its holdings in Atea Pharmaceuticals by 3.7% in the fourth quarter. Bridgeway Capital Management LLC now owns 148,400 shares of the company's stock worth $530,000 after purchasing an additional 5,300 shares in the last quarter. BNP Paribas Financial Markets raised its holdings in Atea Pharmaceuticals by 57.7% in the third quarter. BNP Paribas Financial Markets now owns 19,913 shares of the company's stock worth $58,000 after purchasing an additional 7,286 shares in the last quarter. Finally, Prudential Financial Inc. purchased a new stake in shares of Atea Pharmaceuticals during the second quarter valued at about $36,000. Institutional investors own 86.67% of the company's stock.

Atea Pharmaceuticals Price Performance

Shares of NASDAQ AVIR opened at $5.31 on Friday. The stock's 50-day moving average is $5.10 and its two-hundred day moving average is $5.09. Atea Pharmaceuticals, Inc. has a 1-year low of $2.78 and a 1-year high of $6.45. The company has a market cap of $425.89 million, a price-to-earnings ratio of -2.55 and a beta of 0.28.

Atea Pharmaceuticals (NASDAQ:AVIR - Get Free Report) last announced its quarterly earnings data on Wednesday, August 12th. The company reported ($0.41) earnings per share for the quarter, beating analysts' consensus estimates of ($0.56) by $0.15. Equities research analysts anticipate that Atea Pharmaceuticals, Inc. will post -1.99 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms recently commented on AVIR. Wall Street Zen raised shares of Atea Pharmaceuticals from a "sell" rating to a "hold" rating in a research report on Saturday. Morgan Stanley boosted their price target on Atea Pharmaceuticals from $6.00 to $7.00 and gave the stock an "equal weight" rating in a research note on Thursday, August 13th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Atea Pharmaceuticals in a research report on Friday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has an average rating of "Hold" and an average target price of $7.00.

About Atea Pharmaceuticals

Atea Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on the discovery and development of oral antiviral therapeutics targeting RNA viruses. The company's lead program, AT-527, is a direct-acting nucleotide prodrug licensed from Roche and is being evaluated as a potential treatment for coronavirus disease 2019 (COVID-19). In addition to its COVID-19 efforts, Atea's pipeline includes other small-molecule candidates for hepatitis C virus and emerging RNA pathogens, leveraging its proprietary nucleotide chemistry platform to address significant unmet medical needs in infectious diseases.

Founded in 2014 and headquartered in Cambridge, Massachusetts, Atea operates research laboratories in the Greater Boston area and conducts clinical studies across North America, Europe and parts of Asia.

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