Vir Biotechnology (NASDAQ:VIR) Shares Gap Up on Better-Than-Expected Earnings

Vir Biotechnology, Inc. (NASDAQ:VIR)’s stock price gapped up prior to trading on Friday following a stronger than expected earnings report. The stock had previously closed at $9.18, but opened at $10.13. Vir Biotechnology shares last traded at $10.21, with a volume of 527,255 shares trading hands.

The company reported ($0.48) earnings per share for the quarter, beating the consensus estimate of ($0.99) by $0.51. Vir Biotechnology had a negative net margin of 713.69% and a negative return on equity of 34.92%. The business had revenue of $56.38 million during the quarter, compared to analysts’ expectations of $11.71 million. During the same quarter last year, the company earned ($1.06) earnings per share. The firm’s revenue was down 10.5% on a year-over-year basis.

Analyst Ratings Changes

VIR has been the subject of a number of recent research reports. JPMorgan Chase & Co. increased their price objective on shares of Vir Biotechnology from $10.00 to $12.00 and gave the company a “neutral” rating in a research note on Friday. Needham & Company LLC reissued a “buy” rating and issued a $15.00 price target on shares of Vir Biotechnology in a research report on Friday. Finally, HC Wainwright restated a “buy” rating and set a $110.00 price target on shares of Vir Biotechnology in a research note on Friday, March 15th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, Vir Biotechnology presently has a consensus rating of “Moderate Buy” and a consensus target price of $34.63.

Insider Activity

In other Vir Biotechnology news, CEO Backer Marianne De sold 72,995 shares of the company’s stock in a transaction on Wednesday, April 3rd. The shares were sold at an average price of $9.46, for a total transaction of $690,532.70. Following the completion of the sale, the chief executive officer now owns 678,457 shares in the company, valued at approximately $6,418,203.22. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Vir Biotechnology news, EVP Ann M. Hanly sold 12,296 shares of the business’s stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $10.05, for a total value of $123,574.80. Following the completion of the transaction, the executive vice president now directly owns 134,780 shares of the company’s stock, valued at $1,354,539. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Backer Marianne De sold 72,995 shares of the stock in a transaction that occurred on Wednesday, April 3rd. The stock was sold at an average price of $9.46, for a total value of $690,532.70. Following the sale, the chief executive officer now directly owns 678,457 shares of the company’s stock, valued at $6,418,203.22. The disclosure for this sale can be found here. In the last quarter, insiders have sold 152,831 shares of company stock valued at $1,525,844. 15.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Ballentine Partners LLC increased its stake in Vir Biotechnology by 9.2% in the 1st quarter. Ballentine Partners LLC now owns 13,704 shares of the company’s stock valued at $139,000 after buying an additional 1,160 shares during the last quarter. Arizona State Retirement System increased its position in shares of Vir Biotechnology by 6.0% during the 4th quarter. Arizona State Retirement System now owns 26,271 shares of the company’s stock worth $264,000 after purchasing an additional 1,476 shares during the last quarter. Fifth Third Bancorp raised its stake in shares of Vir Biotechnology by 69.3% during the 3rd quarter. Fifth Third Bancorp now owns 3,941 shares of the company’s stock worth $37,000 after purchasing an additional 1,613 shares in the last quarter. China Universal Asset Management Co. Ltd. lifted its stake in Vir Biotechnology by 96.4% in the third quarter. China Universal Asset Management Co. Ltd. now owns 3,448 shares of the company’s stock valued at $32,000 after acquiring an additional 1,692 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund lifted its stake in Vir Biotechnology by 7.2% in the 3rd quarter. Oregon Public Employees Retirement Fund now owns 25,468 shares of the company’s stock valued at $239,000 after purchasing an additional 1,700 shares during the last quarter. 65.32% of the stock is owned by institutional investors and hedge funds.

Vir Biotechnology Price Performance

The stock has a 50-day moving average price of $9.82 and a 200-day moving average price of $9.59. The company has a market capitalization of $1.40 billion, a price-to-earnings ratio of -2.26 and a beta of 0.47.

Vir Biotechnology Company Profile

Vir Biotechnology, Inc, a commercial-stage immunology company, develops therapeutic products to treat and prevent serious infectious diseases. It offers tobevibart + elebsiran for the treatment of chronic hepatitis delta; elebsiran + PEG-IFN-a, tobevibart ± elebsiran ± PEG-IFN-a, and elebsiran+ TLR8+PD-1 for the treatment of chronic hepatitis B; VIR-1388 and Cure mAb combination for the treatment of human immunodeficiency virus; VIR-8190 for the treatment of respiratory syncytial virus / human metapneumovirus; VIR-2981 for the treatment of influenza; VIR-1949 for the treatment of pre-cancerous HPV lesions; and VIR07229 and Sotrovimab for the treatment of COVID-19 infection under the Xevudy brand.