Atea Pharmaceuticals (NASDAQ:AVIR) Releases Quarterly Earnings Results, Beats Expectations By $0.03 EPS

Atea Pharmaceuticals (NASDAQ:AVIR) announced its quarterly earnings data on Tuesday. The company reported ($0.57) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.60) by $0.03, FiscalAI reports.

Atea Pharmaceuticals Price Performance

Shares of NASDAQ AVIR traded up $0.09 during trading hours on Tuesday, reaching $5.50. The stock had a trading volume of 308,800 shares, compared to its average volume of 467,976. The company has a market cap of $440.17 million, a price-to-earnings ratio of -2.84 and a beta of 0.38. Atea Pharmaceuticals has a twelve month low of $2.45 and a twelve month high of $6.45. The business’s fifty day moving average is $5.61 and its two-hundred day moving average is $4.28.

Hedge Funds Weigh In On Atea Pharmaceuticals

Hedge funds have recently made changes to their positions in the business. Prudential Financial Inc. bought a new position in shares of Atea Pharmaceuticals during the 2nd quarter worth about $36,000. Jump Financial LLC increased its stake in Atea Pharmaceuticals by 36.5% in the fourth quarter. Jump Financial LLC now owns 19,113 shares of the company’s stock valued at $68,000 after acquiring an additional 5,106 shares during the period. Squarepoint Ops LLC bought a new stake in Atea Pharmaceuticals in the fourth quarter valued at about $69,000. BNP Paribas Financial Markets raised its position in Atea Pharmaceuticals by 57.7% in the third quarter. BNP Paribas Financial Markets now owns 19,913 shares of the company’s stock worth $58,000 after purchasing an additional 7,286 shares in the last quarter. Finally, Marshall Wace LLP bought a new position in Atea Pharmaceuticals during the second quarter worth about $90,000. Institutional investors and hedge funds own 86.67% of the company’s stock.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Atea Pharmaceuticals in a research note on Monday, April 20th. One research analyst has rated the stock with a Strong Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy”.

About Atea Pharmaceuticals

Atea Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on the discovery and development of oral antiviral therapeutics targeting RNA viruses. The company’s lead program, AT-527, is a direct-acting nucleotide prodrug licensed from Roche and is being evaluated as a potential treatment for coronavirus disease 2019 (COVID-19). In addition to its COVID-19 efforts, Atea’s pipeline includes other small-molecule candidates for hepatitis C virus and emerging RNA pathogens, leveraging its proprietary nucleotide chemistry platform to address significant unmet medical needs in infectious diseases.

Founded in 2014 and headquartered in Cambridge, Massachusetts, Atea operates research laboratories in the Greater Boston area and conducts clinical studies across North America, Europe and parts of Asia.