Vir Biotechnology (NASDAQ:VIR) Trading Down 7.6% - Here's What Happened

Shares of Vir Biotechnology, Inc. (NASDAQ:VIR - Get Free Report) were down 7.6% during trading on Friday . The stock traded as low as $4.82 and last traded at $4.80. Approximately 76,086 shares changed hands during mid-day trading, a decline of 95% from the average daily volume of 1,385,886 shares. The stock had previously closed at $5.19.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on VIR shares. Needham & Company LLC reissued a "buy" rating and set a $14.00 price objective on shares of Vir Biotechnology in a report on Thursday, May 22nd. HC Wainwright reissued a "buy" rating and set a $110.00 price objective on shares of Vir Biotechnology in a report on Friday, February 28th. The Goldman Sachs Group cut their price objective on Vir Biotechnology from $28.00 to $21.00 and set a "buy" rating for the company in a report on Thursday, April 17th. Finally, Barclays lifted their price objective on Vir Biotechnology from $26.00 to $31.00 and gave the company an "overweight" rating in a report on Friday, February 28th. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $32.86.

Vir Biotechnology Stock Performance

The company has a market capitalization of $671.84 million, a price-to-earnings ratio of -1.24 and a beta of 1.36. The company has a 50-day moving average price of $5.50 and a 200-day moving average price of $7.50.

Vir Biotechnology (NASDAQ:VIR - Get Free Report) last posted its earnings results on Wednesday, May 7th. The company reported ($0.88) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.83) by ($0.05). The company had revenue of $3.03 million for the quarter, compared to analyst estimates of $8.59 million. Vir Biotechnology had a negative return on equity of 36.71% and a negative net margin of 678.40%. Vir Biotechnology's quarterly revenue was down 94.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.48) earnings per share. As a group, sell-side analysts anticipate that Vir Biotechnology, Inc. will post -3.92 earnings per share for the current fiscal year.

Insider Transactions at Vir Biotechnology

In other news, CEO Backer Marianne De sold 79,712 shares of the business's stock in a transaction dated Thursday, April 3rd. The stock was sold at an average price of $5.95, for a total transaction of $474,286.40. Following the completion of the transaction, the chief executive officer now directly owns 769,505 shares in the company, valued at approximately $4,578,554.75. The trade was a 9.39% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 16.00% of the company's stock.

Hedge Funds Weigh In On Vir Biotechnology

Several institutional investors and hedge funds have recently modified their holdings of VIR. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Vir Biotechnology in the 4th quarter valued at approximately $42,000. GAMMA Investing LLC boosted its position in Vir Biotechnology by 524.3% during the 1st quarter. GAMMA Investing LLC now owns 7,111 shares of the company's stock worth $46,000 after acquiring an additional 5,972 shares during the last quarter. SBI Securities Co. Ltd. acquired a new position in Vir Biotechnology during the 4th quarter worth approximately $60,000. PNC Financial Services Group Inc. boosted its position in Vir Biotechnology by 31.8% during the 4th quarter. PNC Financial Services Group Inc. now owns 8,288 shares of the company's stock worth $61,000 after acquiring an additional 1,999 shares during the last quarter. Finally, KBC Group NV boosted its position in Vir Biotechnology by 136.5% during the 4th quarter. KBC Group NV now owns 8,970 shares of the company's stock worth $66,000 after acquiring an additional 5,177 shares during 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).