Vir Biotechnology (NASDAQ:VIR) Price Target Raised to $28.00

Vir Biotechnology (NASDAQ:VIR) had its price target upped by Morgan Stanley from $25.00 to $28.00 in a research note issued to investors on Tuesday,Benzinga reports. Morgan Stanley currently has an overweight rating on the stock.

A number of other analysts have also issued reports on the stock. Raymond James Financial reiterated a “strong-buy” rating on shares of Vir Biotechnology in a research note on Monday, September 28th. Wall Street Zen raised Vir Biotechnology from a “hold” rating to a “buy” rating in a research report on Saturday, November 7th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Vir Biotechnology in a research report on Friday, October 2nd. HC Wainwright restated a “buy” rating and issued a $22.00 target price on shares of Vir Biotechnology in a research note on Monday. Finally, Zacks Research upgraded Vir Biotechnology from a “strong sell” rating to a “hold” rating in a research note on Wednesday, November 4th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Vir Biotechnology has a consensus rating of “Moderate Buy” and a consensus target price of $22.57.

Vir Biotechnology Stock Down 7.7%

Vir Biotechnology stock opened at $12.12 on Tuesday. The firm has a market cap of $2.08 billion, a PE ratio of -9.62 and a beta of 1.70. The company’s 50 day moving average is $11.18 and its two-hundred day moving average is $9.73. Vir Biotechnology has a 52-week low of $5.32 and a 52-week high of $14.38.

Vir Biotechnology (NASDAQ:VIR) last issued its quarterly earnings data on Wednesday, November 4th. The company reported ($0.57) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.75) by $0.18. The business had revenue of ($0.19) million for the quarter, compared to analysts’ expectations of $0.98 million. During the same period in the previous year, the business posted ($1.17) earnings per share. The company’s revenue for the quarter was down 178.3% on a year-over-year basis. On average, equities research analysts anticipate that Vir Biotechnology will post -1.28 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Vanina de Verneuil sold 2,407 shares of the company’s stock in a transaction on Tuesday, November 3rd. The stock was sold at an average price of $11.10, for a total transaction of $26,717.70. Following the completion of the sale, the executive vice president directly owned 110,193 shares in the company, valued at approximately $1,223,142.30. This represents a 2.14% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 2.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Vir Biotechnology

Hedge funds have recently added to or reduced their stakes in the company. Fiduciary Financial Advisors purchased a new stake in shares of Vir Biotechnology during the second quarter valued at approximately $29,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Vir Biotechnology in the third quarter worth $97,000. Caxton Associates LLP bought a new position in shares of Vir Biotechnology in the 1st quarter worth $112,000. Amundi boosted its stake in shares of Vir Biotechnology by 52.8% in the 1st quarter. Amundi now owns 15,315 shares of the company’s stock valued at $137,000 after purchasing an additional 5,294 shares in the last quarter. Finally, Royal Bank of Canada raised its holdings in Vir Biotechnology by 223.1% during the 1st quarter. Royal Bank of Canada now owns 15,355 shares of the company’s stock valued at $138,000 after buying an additional 10,603 shares during the last quarter. Institutional investors and hedge funds own 65.32% of the company’s stock.

Trending Headlines about Vir Biotechnology

These are some of the VIR headlines that stood out recently:

• Positive Sentiment: Analysts remain constructive: Morgan Stanley expects the stock to rise, while H.C. Wainwright, Bank of America Securities, Evercore ISI and TD Cowen maintained Buy ratings. H.C. Wainwright’s reported price target is $22. Morgan Stanley analyst outlook H.C. Wainwright rating Bank of America Securities rating Evercore ISI rating TD Cowen rating
• Neutral Sentiment: A valuation-focused article asks whether VIR is overvalued after a reported 127% run, highlighting that the strong recent rally may prompt investors to reassess its valuation. Valuation discussion
• Negative Sentiment: Vir announced a proposed underwritten public offering of common stock and may give underwriters a 30-day option to buy up to 15% more shares. The added share supply could dilute existing ownership and weigh on the stock; the offering size and pricing were not specified in the announcement. Offering announcement

About Vir Biotechnology

Vir Biotechnology is a clinical-stage biopharmaceutical company focused on developing treatments for infectious diseases and cancer. Its research draws on immunology and includes approaches such as monoclonal antibodies, small-interfering RNA therapies and T-cell-based treatments. The company’s pipeline has included programs targeting chronic hepatitis B and influenza, as well as investigational cancer therapies. Vir has also pursued research and development collaborations to advance its programs.