Vir Biotechnology (NASDAQ:VIR) Shares Down 6.5% - Here's What Happened

Key Points

• Vir Biotechnology shares fell 6.5% to about $10.78, with trading volume down 81% from its average daily level.
• Analyst opinions were mixed, but the stock maintained a “Moderate Buy” consensus with an average price target of $21.86; targets ranged from $22 to $25, while some firms issued sell or strong-sell ratings.
• Institutional investors own 65.32% of the company, with BlackRock and ARCH Venture Management among investors that established significant new positions during the second quarter.

Shares of Vir Biotechnology, Inc. (NASDAQ:VIR - Get Free Report) were down 6.5% on Thursday. The stock traded as low as $10.73 and last traded at $10.7750. 457,490 shares were traded during trading, a decline of 81% from the average daily volume of 2,420,947 shares. The stock had previously closed at $11.52.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Weiss Ratings reiterated a "sell (d-)" rating on shares of Vir Biotechnology in a research note on Friday, October 2nd. HC Wainwright boosted their price target on Vir Biotechnology from $20.00 to $22.00 and gave the stock a "buy" rating in a research note on Wednesday. Raymond James Financial restated a "strong-buy" rating on shares of Vir Biotechnology in a report on Monday, September 28th. Morgan Stanley set a $25.00 price objective on shares of Vir Biotechnology in a research report on Thursday, August 6th. Finally, Zacks Research cut shares of Vir Biotechnology from a "hold" rating to a "strong sell" rating in a research note on Tuesday. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Vir Biotechnology has an average rating of "Moderate Buy" and a consensus price target of $21.86.

Vir Biotechnology Price Performance

The stock has a market capitalization of $1.82 billion, a PE ratio of -5.80 and a beta of 1.59. The stock's fifty day moving average is $10.36 and its 200-day moving average is $9.76.

Vir Biotechnology (NASDAQ:VIR - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $0.47 earnings per share for the quarter, topping analysts' consensus estimates 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. During the same quarter in the prior year, the company posted ($0.80) earnings per share. The business's revenue was up 19582.5% on a year-over-year basis. On average, analysts forecast that Vir Biotechnology, Inc. will post -1.84 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. BlackRock Inc. purchased a new stake in shares of Vir Biotechnology during the second quarter worth approximately $210,712,000. ARCH Venture Management LLC acquired a new stake in Vir Biotechnology during the 2nd quarter worth approximately $129,353,521. ADAR1 Capital Management LLC acquired a new stake in shares of Vir Biotechnology during the second quarter worth $25,034,000. Dimensional Fund Advisors LP increased its stake in shares of Vir Biotechnology by 1.7% during the first quarter. Dimensional Fund Advisors LP now owns 2,579,678 shares of the company's stock worth $23,107,000 after acquiring an additional 43,401 shares during the period. Finally, Pictet Asset Management Holding SA increased its position in Vir Biotechnology by 10,878.9% during the 1st quarter. Pictet Asset Management Holding SA now owns 1,480,828 shares of the company's stock worth $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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