Vir Biotechnology (NASDAQ:VIR) Shares Gap Down - What's Next?

Key Points

• Vir Biotechnology shares fell sharply, opening at $10.46 after a prior close of $12.12 and later trading at $9.88; the article reports an 18.7% decline.
• Analyst sentiment remains broadly positive: MarketBeat’s consensus is “Moderate Buy”, with an average price target of $22.57. Morgan Stanley raised its target to $28 and maintained an “overweight” rating.
• Quarterly adjusted results were mixed: Vir’s loss of $0.57 per share was narrower than analysts expected, but revenue missed estimates and was down 178.3% year over year.

Vir Biotechnology, Inc. (NASDAQ:VIR - Get Free Report)'s stock price gapped down before the market opened on Friday. The stock had previously closed at $12.12, but opened at $10.46. Vir Biotechnology shares last traded at $9.8830, with a volume of 4,221,820 shares.

Wall Street Analyst Weigh In

A number of research firms have commented on VIR. Wall Street Zen raised shares of Vir Biotechnology from a "hold" rating to a "buy" rating in a report on Saturday, November 7th. Zacks Research upgraded Vir Biotechnology from a "strong sell" rating to a "hold" rating in a research note on Wednesday, November 4th. Morgan Stanley upped their target price on Vir Biotechnology from $25.00 to $28.00 and gave the company an "overweight" rating in a report on Tuesday. Raymond James Financial reiterated a "strong-buy" rating on shares of Vir Biotechnology in a research report on Monday, September 28th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Vir Biotechnology in a research note on Friday, October 2nd. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, Vir Biotechnology currently has an average rating of "Moderate Buy" and an average target price of $22.57.

Vir Biotechnology Stock Down 18.7%

The firm has a market capitalization of $1.69 billion, a P/E ratio of -7.85 and a beta of 1.70. The business's 50 day moving average is $11.18 and its two-hundred day moving average is $9.73.

Vir Biotechnology (NASDAQ:VIR - Get Free Report) last issued its quarterly earnings results on Wednesday, November 4th. The company reported ($0.57) earnings per share for the quarter, topping analysts' consensus estimates of ($0.75) by $0.18. The company had revenue of ($0.19) million during the quarter, compared to analyst estimates of $0.98 million. During the same period in the prior year, the company posted ($1.17) earnings per share. The company's revenue was down 178.3% on a year-over-year basis. As a group, equities analysts anticipate that Vir Biotechnology, Inc. will post -1.28 earnings per share for the current fiscal year.

Insider Activity at Vir Biotechnology

In other news, EVP Vanina de Verneuil sold 2,407 shares of the business's stock in a transaction on Tuesday, November 3rd. The stock was sold at an average price of $11.10, for a total value of $26,717.70. Following the sale, the executive vice president owned 110,193 shares of the company's stock, valued at approximately $1,223,142.30. The trade was a 2.14% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 2.90% of the company's stock.

Hedge Funds Weigh In On Vir Biotechnology

Large investors have recently made changes to their positions in the business. ADAR1 Capital Management LLC bought a new stake in Vir Biotechnology during the second quarter worth approximately $25,034,000. Parkman Healthcare Partners LLC purchased a new position in Vir Biotechnology during the 2nd quarter worth approximately $4,843,000. ARCH Venture Management LLC purchased a new stake in shares of Vir Biotechnology in the second quarter valued at $129,353,521. BlackRock Inc. acquired a new stake in shares of Vir Biotechnology in the second quarter worth $210,712,000. Finally, Bank of America Corp DE purchased a new position in shares of Vir Biotechnology during the second quarter valued at $11,642,000. Institutional investors own 65.32% of the company's stock.

Vir Biotechnology Company Profile

Vir Biotechnology is a clinical-stage biopharmaceutical company focused on developing treatments for infectious diseases and cancer. Its research draws on immunology and includes approaches such as monoclonal antibodies, small-interfering RNA therapies and T-cell-based treatments. The company's pipeline has included programs targeting chronic hepatitis B and influenza, as well as investigational cancer therapies. Vir has also pursued research and development collaborations to advance its programs.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.