Vir Biotechnology (NASDAQ:VIR) Trading 9.2% Higher - Here's What Happened

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

Analyst Ratings Changes

A number of research firms have recently issued reports on VIR. Needham & Company LLC reissued a "buy" rating and set a $14.00 price objective on shares of Vir Biotechnology in a research report on Thursday, May 22nd. Raymond James Financial raised shares of Vir Biotechnology to a "moderate buy" rating and set a $12.00 price target on the stock in a research report on Friday. Finally, The Goldman Sachs Group dropped their price target on shares of Vir Biotechnology from $28.00 to $21.00 and set a "buy" rating on the stock in a research report on Thursday, April 17th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $30.25.

Vir Biotechnology Price Performance

The company's 50-day moving average is $5.16 and its two-hundred day moving average is $7.02.

Vir Biotechnology (NASDAQ:VIR - Get Free Report) last announced its 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 business had revenue of $3.03 million during the quarter, compared to analysts' expectations of $8.59 million. During the same quarter in the previous year, the firm earned ($0.48) EPS. Vir Biotechnology's quarterly revenue was down 94.6% on a year-over-year basis. On average, equities analysts expect that Vir Biotechnology, Inc. will post -3.92 earnings per share for the current year.

Insider Buying and Selling at Vir Biotechnology

In other news, Director Vicki L. Sato sold 22,000 shares of the business's stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $5.10, for a total value of $112,200.00. Following the transaction, the director 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 is available at this hyperlink. 16.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Vir Biotechnology

Several institutional investors and hedge funds have recently bought and sold shares of VIR. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Vir Biotechnology in the fourth quarter worth $42,000. GAMMA Investing LLC increased its position 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 buying an additional 5,972 shares during the last quarter. PNC Financial Services Group Inc. increased its position in Vir Biotechnology by 31.8% in 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. FORA Capital LLC purchased a new stake in Vir Biotechnology in the first quarter worth $70,000. Finally, Syon Capital LLC purchased a new stake in Vir Biotechnology in the fourth quarter worth $77,000. 65.32% of the stock is owned by institutional investors.

About Vir Biotechnology

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).