Atea Pharmaceuticals (NASDAQ:AVIR) Shares Down 4%

Atea Pharmaceuticals, Inc. (NASDAQ:AVIR)’s stock price fell 4% during trading on Wednesday . The stock traded as low as $26.62 and last traded at $26.62. 21,911 shares traded hands during mid-day trading, a decline of 98% from the average session volume of 888,001 shares. The stock had previously closed at $27.72.

Several analysts recently weighed in on AVIR shares. SVB Leerink started coverage on Atea Pharmaceuticals in a report on Thursday, September 9th. They issued an “outperform” rating and a $60.00 price objective for the company. Morgan Stanley upped their target price on Atea Pharmaceuticals from $35.00 to $37.00 and gave the company an “overweight” rating in a report on Wednesday, August 18th. Finally, Zacks Investment Research raised Atea Pharmaceuticals from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 3rd. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $57.40.

The business has a 50-day moving average price of $27.40 and a 200 day moving average price of $35.08. The company has a market cap of $2.22 billion and a price-to-earnings ratio of -54.35.

Atea Pharmaceuticals (NASDAQ:AVIR) last announced its quarterly earnings data on Wednesday, August 11th. The company reported $0.02 EPS for the quarter, beating analysts’ consensus estimates of $0.01 by $0.01. The company had revenue of $60.39 million for the quarter, compared to analyst estimates of $115.99 million. Research analysts forecast that Atea Pharmaceuticals, Inc. will post 0.75 EPS for the current year.

A number of large investors have recently made changes to their positions in the business. Royal Bank of Canada raised its stake in Atea Pharmaceuticals by 169.9% during the 1st quarter. Royal Bank of Canada now owns 977 shares of the company’s stock valued at $60,000 after purchasing an additional 615 shares during the period. The Manufacturers Life Insurance Company increased its stake in shares of Atea Pharmaceuticals by 0.5% in the first quarter. The Manufacturers Life Insurance Company now owns 259,476 shares of the company’s stock worth $16,023,000 after acquiring an additional 1,191 shares during the last quarter. Russell Investments Group Ltd. acquired a new position in shares of Atea Pharmaceuticals in the second quarter worth $41,000. SG Americas Securities LLC acquired a new position in shares of Atea Pharmaceuticals in the first quarter worth $131,000. Finally, Nuveen Asset Management LLC increased its stake in shares of Atea Pharmaceuticals by 4.0% in the first quarter. Nuveen Asset Management LLC now owns 55,213 shares of the company’s stock worth $3,409,000 after acquiring an additional 2,122 shares during the last quarter. 70.41% of the stock is currently owned by institutional investors.

Atea Pharmaceuticals Company Profile (NASDAQ:AVIR)

Atea Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, focused on discovering, developing, and commercializing antiviral therapeutics for patients suffering from viral infections. Its lead product candidate is AT-527, a novel antiviral agent that is in Phase II clinical trial for the treatment of patients with COVID-19.

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