Vir Biotechnology (NASDAQ:VIR) Trading Up 9.7% - Here's What Happened

Key Points

• Vir Biotechnology's stock surged by 9.7%, reaching a high of $6.08, although trading volume dropped by 41% compared to its average.
• Analysts have a consensus rating of "Moderate Buy" for Vir Biotechnology, with a target price of $17.30; however, the company reported a significant revenue decline of 60.5% year-over-year.
• Insider trading activity included a major shareholder selling 450,342 shares, while institutional investors now own 65.32% of the company's stock, indicating strong institutional interest.

Vir Biotechnology, Inc. (NASDAQ:VIR - Get Free Report)'s stock price was up 9.7% during mid-day trading on Wednesday . The company traded as high as $6.08 and last traded at $6.21. Approximately 901,630 shares changed hands during trading, a decline of 41% from the average daily volume of 1,537,326 shares. The stock had previously closed at $5.66.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Weiss Ratings restated a "sell (e+)" rating on shares of Vir Biotechnology in a research report on Saturday, September 27th. Raymond James Financial started coverage on Vir Biotechnology in a research report on Friday, July 11th. They set an "outperform" rating for the company. Bank of America upgraded Vir Biotechnology from a "neutral" rating to a "buy" rating and increased their target price for the stock from $12.00 to $14.00 in a research report on Wednesday, August 27th. Evercore ISI assumed coverage on Vir Biotechnology in a report on Wednesday, September 3rd. They set an "outperform" rating and a $12.00 price target for the company. Finally, HC Wainwright restated a "buy" rating and set a $15.00 price target on shares of Vir Biotechnology in a report on Monday, September 15th. Nine investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $17.30.

Vir Biotechnology Trading Up 7.7%

The stock has a market capitalization of $846.72 million, a P/E ratio of -1.53 and a beta of 1.27. The stock has a 50 day moving average of $5.00 and a 200-day moving average of $5.31.

Vir Biotechnology (NASDAQ:VIR - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported ($0.80) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.72) by ($0.08). The business 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%.Vir Biotechnology's revenue was down 60.5% on a year-over-year basis. During the same period in the prior year, the business posted ($1.02) earnings per share. Research analysts anticipate that Vir Biotechnology, Inc. will post -3.92 EPS for the current year.

Insiders Place Their Bets

In other Vir Biotechnology news, major shareholder Endurance (Cayman) Ltd Svf sold 450,342 shares of the firm's stock in a transaction on Friday, October 3rd. The stock was sold at an average price of $5.56, for a total transaction of $2,503,901.52. Following the transaction, the insider directly owned 16,233,699 shares in the company, valued at $90,259,366.44. This trade represents a 2.70% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Mark Eisner sold 6,796 shares of Vir Biotechnology stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $5.47, for a total value of $37,174.12. Following the completion of the transaction, the executive vice president owned 108,204 shares in the company, valued at $591,875.88. This represents a 5.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 600,679 shares of company stock worth $3,329,535 in the last ninety days. 16.00% of the stock is owned by company insiders.

Institutional Trading of Vir Biotechnology

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Raymond James Financial Inc. acquired a new stake in Vir Biotechnology during the 2nd quarter worth about $35,000. GAMMA Investing LLC lifted 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 period. Apollon Wealth Management LLC acquired a new stake in Vir Biotechnology during the 2nd quarter worth about $50,000. PNC Financial Services Group Inc. lifted its position in Vir Biotechnology by 26.2% during the 1st quarter. PNC Financial Services Group Inc. now owns 10,459 shares of the company's stock worth $68,000 after acquiring an additional 2,171 shares during the period. Finally, FORA Capital LLC acquired a new position in shares of Vir Biotechnology in the 1st quarter valued at about $70,000. Institutional investors and hedge funds 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).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.