Atea Pharmaceuticals (NASDAQ:AVIR) Trading Down 2.5% – Here’s What Happened

Atea Pharmaceuticals, Inc. (NASDAQ:AVIR)’s stock price was down 2.5% during mid-day trading on Tuesday . The company traded as low as $4.15 and last traded at $4.27. Approximately 312,506 shares were traded during mid-day trading, a decline of 10% from the average daily volume of 346,335 shares. The stock had previously closed at $4.38.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Atea Pharmaceuticals in a research note on Monday, April 20th. One investment analyst has rated the stock with a Strong Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy”.

Atea Pharmaceuticals Stock Performance

The stock has a market cap of $341.73 million, a PE ratio of -2.02 and a beta of 0.32. The stock has a fifty day moving average price of $5.25 and a 200 day moving average price of $4.41.

Atea Pharmaceuticals (NASDAQ:AVIR) last announced its earnings results on Tuesday, May 12th. The company reported ($0.57) EPS for the quarter, topping analysts’ consensus estimates of ($0.60) by $0.03. As a group, equities analysts anticipate that Atea Pharmaceuticals, Inc. will post -1.93 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Atea Pharmaceuticals

A number of institutional investors and hedge funds have recently modified their holdings of AVIR. Prudential Financial Inc. purchased a new position in shares of Atea Pharmaceuticals in the 2nd quarter worth approximately $36,000. RFG Advisory LLC purchased a new position in Atea Pharmaceuticals during the 4th quarter valued at $53,000. BNP Paribas Financial Markets boosted its holdings in Atea Pharmaceuticals by 57.7% during the 3rd quarter. BNP Paribas Financial Markets now owns 19,913 shares of the company’s stock valued at $58,000 after acquiring an additional 7,286 shares during the period. Jump Financial LLC boosted its holdings in Atea Pharmaceuticals by 36.5% during the 4th 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. Finally, Squarepoint Ops LLC purchased a new position in Atea Pharmaceuticals during the 4th quarter valued at $69,000. Hedge funds and other institutional investors own 86.67% of the company’s stock.

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.