Vir Biotechnology (NASDAQ:VIR) Trading 7.1% Higher – Here’s Why

Vir Biotechnology, Inc. (NASDAQ:VIR)’s stock price was up 7.1% on Monday . The stock traded as high as $8.03 and last traded at $8.03. Approximately 140,410 shares changed hands during trading, a decline of 68% from the average daily volume of 442,614 shares. The stock had previously closed at $7.50.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Needham & Company LLC reissued a “buy” rating and issued a $19.00 price target on shares of Vir Biotechnology in a research report on Wednesday, November 20th. Barclays cut their target price on shares of Vir Biotechnology from $28.00 to $26.00 and set an “overweight” rating for the company in a research report on Monday, November 4th. Finally, HC Wainwright restated a “buy” rating and set a $110.00 price target on shares of Vir Biotechnology in a report on Wednesday, November 20th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $36.40.

Vir Biotechnology Stock Performance

The stock has a market capitalization of $1.72 billion, a price-to-earnings ratio of -3.18 and a beta of 0.51. The business has a fifty day simple moving average of $7.98 and a 200 day simple moving average of $8.28.

Vir Biotechnology (NASDAQ:VIR) last released its quarterly earnings results on Thursday, October 31st. The company reported ($1.56) EPS for the quarter, missing analysts’ consensus estimates of ($1.05) by ($0.51). The business had revenue of $2.38 million for the quarter, compared to the consensus estimate of $5.54 million. Vir Biotechnology had a negative return on equity of 36.71% and a negative net margin of 678.40%. Vir Biotechnology’s revenue was down 9.8% compared to the same quarter last year. During the same period in the prior year, the business posted ($1.22) earnings per share. On average, sell-side analysts forecast that Vir Biotechnology, Inc. will post -3.36 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Vir Biotechnology

A number of institutional investors have recently added to or reduced their stakes in VIR. Blue Trust Inc. boosted its holdings in Vir Biotechnology by 143.5% in the third quarter. Blue Trust Inc. now owns 3,989 shares of the company’s stock worth $30,000 after acquiring an additional 2,351 shares in the last quarter. Public Sector Pension Investment Board increased its holdings in shares of Vir Biotechnology by 1.4% in the third quarter. Public Sector Pension Investment Board now owns 194,208 shares of the company’s stock worth $1,455,000 after purchasing an additional 2,600 shares during the period. The Manufacturers Life Insurance Company increased its stake in Vir Biotechnology by 7.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 48,987 shares of the company’s stock worth $436,000 after acquiring an additional 3,605 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Vir Biotechnology by 0.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 813,288 shares of the company’s stock valued at $7,238,000 after acquiring an additional 6,359 shares in the last quarter. Finally, Barclays PLC boosted its position in shares of Vir Biotechnology by 1.3% during the 3rd quarter. Barclays PLC now owns 550,186 shares of the company’s stock valued at $4,121,000 after acquiring an additional 7,287 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).