Vir Biotechnology (NASDAQ:VIR) Stock Price Up 8% - Here's Why

Key Points

• Vir Biotechnology's stock rose 8% on Wednesday, reaching a last trading price of $5.40 following a significant drop in trading volume.
• Analysts are optimistic about Vir Biotechnology, with nine analysts rating the stock as a Buy and a consensus price target of $26.80, indicating potential for higher valuations.
• Despite the positive market response, the company reported a loss of $0.80 EPS for the last quarter, missing estimates and experiencing a 60.5% year-over-year revenue decline.

Vir Biotechnology, Inc. (NASDAQ:VIR - Get Free Report) rose 8% during mid-day trading on Wednesday . The stock traded as high as $5.33 and last traded at $5.40. Approximately 222,507 shares were traded during trading, a decline of 86% from the average daily volume of 1,582,231 shares. The stock had previously closed at $5.00.

Wall Street Analyst Weigh In

VIR has been the subject of several analyst reports. Raymond James Financial initiated coverage on shares of Vir Biotechnology in a research report on Friday, July 11th. They set an "outperform" rating for the company. Bank of America upgraded shares of Vir Biotechnology from a "neutral" rating to a "buy" rating and upped their price target for the company from $12.00 to $14.00 in a research report on Wednesday, August 27th. Needham & Company LLC restated a "buy" rating and set a $14.00 price target on shares of Vir Biotechnology in a research report on Thursday, May 22nd. Finally, Evercore ISI initiated coverage on shares of Vir Biotechnology in a research report on Wednesday. They set an "outperform" rating and a $12.00 price target for the company. Nine research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, Vir Biotechnology currently has an average rating of "Moderate Buy" and a consensus price target of $26.80.

Vir Biotechnology Price Performance

The stock has a market capitalization of $728.77 million, a P/E ratio of -1.31 and a beta of 1.28. The firm's 50 day moving average price is $5.08 and its 200 day moving average price is $5.81.

Vir Biotechnology (NASDAQ:VIR - Get Free Report) last issued its quarterly earnings data 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 net margin of 2,895.94% and a negative return on equity of 50.22%. The firm had revenue of $1.21 million for the quarter, compared to the consensus estimate of $2.38 million. During the same period last year, the company posted ($1.02) earnings per share. The business's revenue was down 60.5% on a year-over-year basis. On average, equities research analysts forecast that Vir Biotechnology, Inc. will post -3.92 earnings per share for the current year.

Insider Transactions at Vir Biotechnology

In other Vir Biotechnology news, EVP Mark Eisner sold 6,796 shares of the company's stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $5.47, for a total value of $37,174.12. Following the sale, the executive vice president owned 108,204 shares in the company, valued at approximately $591,875.88. This represents a 5.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Vicki L. Sato sold 22,000 shares of the company's stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $5.10, for a total transaction of $112,200.00. Following the completion of the sale, the director owned 1,298,391 shares in the company, valued at approximately $6,621,794.10. This trade represents a 1.67% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 54,382 shares of company stock valued at $278,770. 16.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Vir Biotechnology

Institutional investors have recently made changes to their positions in the company. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Vir Biotechnology during the fourth quarter valued at approximately $42,000. Raymond James Financial Inc. purchased a new stake in Vir Biotechnology in the second quarter worth approximately $35,000. GAMMA Investing LLC boosted its holdings in Vir Biotechnology by 524.3% in the first quarter. GAMMA Investing LLC now owns 7,111 shares of the company's stock worth $46,000 after purchasing an additional 5,972 shares during the last quarter. Apollon Wealth Management LLC purchased a new stake in Vir Biotechnology in the second quarter worth approximately $50,000. Finally, PNC Financial Services Group Inc. boosted its holdings in Vir Biotechnology by 26.2% in the first quarter. PNC Financial Services Group Inc. now owns 10,459 shares of the company's stock worth $68,000 after purchasing an additional 2,171 shares during the last quarter. Hedge funds and other institutional investors own 65.32% of the company's stock.

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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