Vir Biotechnology (NASDAQ:VIR) Rating Increased to Buy at Bank of America

Key Points

• Vir Biotechnology has been upgraded from a "neutral" rating to a "buy" rating by Bank of America, along with a price target of $14.00, suggesting a potential upside of 215.32%.
• Needham & Company and Raymond James Financial have also issued positive ratings, contributing to an overall consensus of a "Moderate Buy" with a price target averaging $28.44.
• The company's recent earnings report showed a 60.5% decline in revenue year-over-year, reporting an EPS of ($0.80), which missed estimates.

Vir Biotechnology (NASDAQ:VIR - Get Free Report) was upgraded by research analysts at Bank of America from a "neutral" rating to a "buy" rating in a research report issued to clients and investors on Wednesday,Finviz reports. The brokerage currently has a $14.00 price objective on the stock. Bank of America's price target points to a potential upside of 215.32% from the company's previous close.

VIR has been the subject of several other research reports. Needham & Company LLC reiterated a "buy" rating and issued a $14.00 price objective on shares of Vir Biotechnology in a research note on Thursday, May 22nd. Raymond James Financial began coverage on shares of Vir Biotechnology in a research note on Friday, July 11th. They issued an "outperform" rating for the company. Eight investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $28.44.

Vir Biotechnology Stock Performance

Vir Biotechnology stock opened at $4.44 on Wednesday. Vir Biotechnology has a 52-week low of $4.16 and a 52-week high of $14.45. The firm has a 50 day moving average price of $5.10 and a two-hundred day moving average price of $5.96. The firm has a market cap of $616.80 million, a price-to-earnings ratio of -1.11 and a beta of 1.18.

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

Insiders Place Their Bets

In other Vir Biotechnology news, EVP Mark Eisner sold 6,796 shares of the business's stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $5.47, for a total transaction of $37,174.12. Following the completion of the sale, the executive vice president owned 108,204 shares in the company, valued at approximately $591,875.88. The trade was a 5.91% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Vicki L. Sato sold 22,000 shares of Vir Biotechnology stock in a transaction on Friday, August 1st. The stock was sold at an average price of $4.99, for a total transaction of $109,780.00. Following the transaction, the director directly owned 1,276,391 shares in the company, valued at $6,369,191.09. This represents a 1.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 57,582 shares of company stock valued at $294,930 in the last 90 days. 16.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Vir Biotechnology

Hedge funds have recently bought and sold shares of the company. Raymond James Financial Inc. purchased a new position in Vir Biotechnology during the 2nd quarter worth $35,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Vir Biotechnology in the 4th quarter worth about $42,000. GAMMA Investing LLC boosted its holdings in shares of Vir Biotechnology by 524.3% in the 1st quarter. GAMMA Investing LLC now owns 7,111 shares of the company's stock worth $46,000 after buying an additional 5,972 shares during the last quarter. Apollon Wealth Management LLC purchased a new position in shares of Vir Biotechnology in the 2nd quarter worth about $50,000. Finally, Daiwa Securities Group Inc. boosted its holdings in shares of Vir Biotechnology by 2,200.6% in the 2nd quarter. Daiwa Securities Group Inc. now owns 12,308 shares of the company's stock worth $62,000 after buying an additional 11,773 shares during the last quarter. 65.32% of the stock is owned by hedge funds and other institutional investors.

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).

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