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Vir Biotechnology (NASDAQ:VIR) Stock Price Up 9.2% - Here's What Happened

Vir Biotechnology logo with Medical background

Shares of Vir Biotechnology, Inc. (NASDAQ:VIR - Get Free Report) rose 9.2% on Wednesday . The stock traded as high as $5.71 and last traded at $5.79. Approximately 614,949 shares were traded during mid-day trading, a decline of 55% from the average daily volume of 1,353,498 shares. The stock had previously closed at $5.30.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on VIR shares. Raymond James Financial assumed coverage on shares of Vir Biotechnology in a research report on Friday. They set an "outperform" rating and a $12.00 target price for the company. The Goldman Sachs Group reduced their target price on Vir Biotechnology from $28.00 to $21.00 and set a "buy" rating for the company in a research note on Thursday, April 17th. Finally, Needham & Company LLC restated a "buy" rating and set a $14.00 price objective on shares of Vir Biotechnology in a research note on Thursday, May 22nd. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $30.25.

Get Our Latest Stock Analysis on Vir Biotechnology

Vir Biotechnology Price Performance

The business has a fifty day moving average of $5.17 and a 200-day moving average of $7.03. The stock has a market capitalization of $781.75 million, a price-to-earnings ratio of -1.34 and a beta of 1.22.

Vir Biotechnology (NASDAQ:VIR - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported ($0.88) earnings per share for the quarter, missing analysts' consensus estimates of ($0.83) by ($0.05). Vir Biotechnology had a negative return on equity of 47.46% and a negative net margin of 2,769.04%. The company had revenue of $3.03 million during the quarter, compared to analysts' expectations of $8.59 million. During the same period in the prior year, the business posted ($0.48) EPS. The company's revenue for the quarter was down 94.6% compared to the same quarter last year. As a group, research analysts anticipate that Vir Biotechnology, Inc. will post -3.92 EPS for the current year.

Insider Activity

In other news, Director Vicki L. Sato sold 22,000 shares of Vir Biotechnology 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 directly owned 1,298,391 shares in the company, valued at $6,621,794.10. The trade was a 1.67% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 16.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Vir Biotechnology

Hedge funds and other institutional investors have recently made changes to their positions in the business. State of Tennessee Department of Treasury lifted its holdings in shares of Vir Biotechnology by 3.2% during the fourth quarter. State of Tennessee Department of Treasury now owns 39,268 shares of the company's stock worth $288,000 after buying an additional 1,227 shares during the last quarter. PNC Financial Services Group Inc. lifted its holdings in shares of Vir Biotechnology by 31.8% during the fourth quarter. PNC Financial Services Group Inc. now owns 8,288 shares of the company's stock worth $61,000 after buying an additional 1,999 shares during the last quarter. Teacher Retirement System of Texas lifted its holdings in shares of Vir Biotechnology by 10.7% during the fourth quarter. Teacher Retirement System of Texas now owns 26,440 shares of the company's stock worth $194,000 after buying an additional 2,556 shares during the last quarter. Focus Partners Wealth lifted its holdings in shares of Vir Biotechnology by 15.3% during the first quarter. Focus Partners Wealth now owns 19,317 shares of the company's stock worth $125,000 after buying an additional 2,566 shares during the last quarter. Finally, Invesco Ltd. lifted its holdings in shares of Vir Biotechnology by 0.6% during the fourth quarter. Invesco Ltd. now owns 398,772 shares of the company's stock worth $2,927,000 after buying an additional 2,574 shares during the last quarter. 65.32% of the stock is owned by institutional investors and hedge funds.

Vir Biotechnology Company Profile

(Get Free Report)

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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