Vir Biotechnology (NASDAQ:VIR) Now Covered by Analysts at Evercore ISI

Key Points

• Evercore ISI has initiated coverage of Vir Biotechnology (NASDAQ:VIR) with an "outperform" rating and a price target of $12.00, indicating a potential upside of 127.70% from its current price.
• The company's recent quarterly earnings fell short of expectations, reporting ($0.80) earnings per share and a revenue drop of 60.5% year-over-year.
• Currently, 65.32% of Vir Biotechnology's stock is held by institutional investors and hedge funds, reflecting strong institutional interest in the company.

Analysts at Evercore ISI initiated coverage on shares of Vir Biotechnology (NASDAQ:VIR - Get Free Report) in a research report issued on Wednesday, Marketbeat reports. The firm set an "outperform" rating and a $12.00 price target on the stock. Evercore ISI's price target suggests a potential upside of 132.33% from the stock's current price.

Other equities analysts have also issued research reports about the stock. Raymond James Financial assumed coverage on shares of Vir Biotechnology in a report on Friday, July 11th. They issued an "outperform" rating on the stock. Bank of America raised shares of Vir Biotechnology from a "neutral" rating to a "buy" rating and increased their target price for the company from $12.00 to $14.00 in a research note on Wednesday, August 27th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $14.00 price target on shares of Vir Biotechnology in a report on Thursday, May 22nd. Nine investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $26.80.

Vir Biotechnology Price Performance

VIR stock traded down $0.11 on Wednesday, hitting $5.17. 357,605 shares of the company were exchanged, compared to its average volume of 1,587,824. Vir Biotechnology has a twelve month low of $4.16 and a twelve month high of $14.45. The business's fifty day moving average is $5.09 and its two-hundred day moving average is $5.69. The stock has a market capitalization of $717.52 million, a price-to-earnings ratio of -1.29 and a beta of 1.28.

Vir Biotechnology (NASDAQ:VIR - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported ($0.80) EPS for the quarter, missing the consensus estimate of ($0.72) by ($0.08). Vir Biotechnology had a negative return on equity of 50.22% and a negative net margin of 2,895.94%.The company had revenue of $1.21 million for the quarter, compared to analyst estimates of $2.38 million. During the same period last year, the company posted ($1.02) EPS. The business's revenue for the quarter was down 60.5% on a year-over-year basis. Equities research analysts expect that Vir Biotechnology will post -3.92 earnings per share for the current year.

Insiders Place Their Bets

In related news, EVP Mark Eisner sold 6,796 shares of the firm's stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $5.47, for a total value of $37,174.12. Following the transaction, the executive vice president directly owned 108,204 shares in the company, valued at approximately $591,875.88. This trade represents a 5.91% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Vicki L. Sato sold 22,000 shares of the firm's stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $4.99, for a total transaction of $109,780.00. Following the completion of the sale, the director owned 1,254,391 shares in the company, valued at $6,259,411.09. This represents a 1.72% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 76,382 shares of company stock valued at $388,550 over the last 90 days. 16.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Vir Biotechnology

Large investors have recently modified their holdings of the stock. ARCH Venture Management LLC bought a new stake in Vir Biotechnology in the second quarter valued at approximately $65,100,000. Point72 Asset Management L.P. grew its position in Vir Biotechnology by 16,169.5% in the fourth quarter. Point72 Asset Management L.P. now owns 848,454 shares of the company's stock valued at $6,228,000 after purchasing an additional 843,239 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Vir Biotechnology by 58.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,915,465 shares of the company's stock valued at $14,059,000 after purchasing an additional 703,360 shares in the last quarter. Millennium Management LLC grew its position in Vir Biotechnology by 55.3% in the fourth quarter. Millennium Management LLC now owns 1,715,083 shares of the company's stock valued at $12,589,000 after purchasing an additional 610,367 shares in the last quarter. Finally, Nordea Investment Management AB grew its position in Vir Biotechnology by 403.7% in the second quarter. Nordea Investment Management AB now owns 704,377 shares of the company's stock valued at $3,677,000 after purchasing an additional 564,537 shares in the last quarter. 65.32% of the stock is currently owned by institutional investors and hedge funds.

Vir Biotechnology Company Profile

Vir Biotechnology, Inc, an immunology company, develops therapeutic products to treat and prevent serious infectious diseases. Its clinical development pipeline consists of product candidates targeting hepatitis delta virus (HDV), hepatitis B virus (HBV), and human immunodeficiency virus (HIV). The company's preclinical candidates include those targeting influenza A and B, coronavirus disease 2019, respiratory syncytial virus (RSV) and human metapneumovirus (MPV), and human papillomavirus (HPV).