Vir Biotechnology (NASDAQ:VIR) Releases Quarterly Earnings Results, Misses Expectations By $0.47 EPS

Vir Biotechnology (NASDAQ:VIR) announced its earnings results on Wednesday. The company reported ($1.17) earnings per share for the quarter, missing the consensus estimate of ($0.70) by ($0.47), Zacks reports. Vir Biotechnology had a negative net margin of 2,895.94% and a negative return on equity of 50.22%.

Vir Biotechnology Stock Performance

Shares of Vir Biotechnology stock traded up $0.15 during trading on Wednesday, reaching $5.40. The company’s stock had a trading volume of 1,103,931 shares, compared to its average volume of 1,542,008. Vir Biotechnology has a one year low of $4.16 and a one year high of $14.45. The firm has a market cap of $750.17 million, a price-to-earnings ratio of -1.35 and a beta of 1.27. The business’s fifty day moving average price is $5.53 and its 200-day moving average price is $5.31.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on VIR. HC Wainwright restated a “buy” rating and issued a $15.00 target price on shares of Vir Biotechnology in a report on Monday, September 15th. Bank of America upgraded Vir Biotechnology from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $12.00 to $14.00 in a report on Wednesday, August 27th. Evercore ISI initiated coverage on shares of Vir Biotechnology in a report on Wednesday, September 3rd. They issued an “outperform” rating and a $12.00 target price for the company. Raymond James Financial started coverage on shares of Vir Biotechnology in a research note on Friday, July 11th. They issued an “outperform” rating for the company. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Vir Biotechnology in a research report on Tuesday, October 14th. Nine investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $17.30.

Insider Buying and Selling

In other news, major shareholder Endurance (Cayman) Ltd Svf sold 466,242 shares of the stock in a transaction that occurred on Wednesday, October 8th. The stock was sold at an average price of $6.05, for a total value of $2,820,764.10. Following the completion of the sale, the insider directly owned 15,621,369 shares of the company’s stock, valued at approximately $94,509,282.45. This represents a 2.90% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last quarter, insiders sold 2,177,423 shares of company stock valued at $12,952,406. Insiders own 16.00% of the company’s stock.

Institutional Trading of Vir Biotechnology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Orbimed Advisors LLC lifted its stake in Vir Biotechnology by 5.9% during the second quarter. Orbimed Advisors LLC now owns 2,380,715 shares of the company’s stock worth $11,999,000 after purchasing an additional 132,466 shares during the period. Goldman Sachs Group Inc. raised its holdings in shares of Vir Biotechnology by 43.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 742,674 shares of the company’s stock worth $4,813,000 after buying an additional 225,544 shares in the last quarter. Hudson Bay Capital Management LP raised its holdings in shares of Vir Biotechnology by 17.7% in the 2nd quarter. Hudson Bay Capital Management LP now owns 696,000 shares of the company’s stock worth $3,508,000 after buying an additional 104,580 shares in the last quarter. Corient Private Wealth LLC lifted its position in shares of Vir Biotechnology by 100.7% during the 2nd quarter. Corient Private Wealth LLC now owns 518,684 shares of the company’s stock worth $2,614,000 after buying an additional 260,308 shares during the period. Finally, Woodline Partners LP boosted its stake in Vir Biotechnology by 245.6% in the 1st quarter. Woodline Partners LP now owns 466,737 shares of the company’s stock valued at $3,024,000 after buying an additional 331,701 shares in the last quarter. Institutional investors 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).