Short Interest in Virax Biolabs Group Limited (NASDAQ:VRAX) Declines By 94.1%

Virax Biolabs Group Limited (NASDAQ:VRAX) was the target of a significant drop in short interest in the month of June. As of June 30th, there was short interest totaling 60,615 shares, a drop of 94.1% from the June 15th total of 1,024,533 shares. Approximately 13.8% of the company’s stock are short sold. Based on an average daily trading volume, of 137,557 shares, the short-interest ratio is presently 0.4 days.

Trending Headlines about Virax Biolabs Group

Here are the key news stories impacting Virax Biolabs Group this week:

• Positive Sentiment: Virax announced an exclusive multi-country commercial supply agreement with Fosun Diagnostics covering six Southeast Asian markets. The deal gives the company an immediate path to product supply for its ImmuneSelect immune-profiling line and could create near-term revenue opportunities. Virax Biolabs Signs Multi-Country Commercial Supply Agreement with Fosun Diagnostics
• Positive Sentiment: Investor enthusiasm also appears to have been boosted by media coverage describing the Fosun agreement as a breakthrough that sent the shares sharply higher and even triggered temporary trading halts due to volatility.
• Neutral Sentiment: Virax completed the closing of previously announced preferred investment option exercises, generating $3.3 million in gross proceeds and issuing new warrants. This strengthens the balance sheet, but it also adds dilution risk. Virax Biolabs Group Limited Announces Closing of Exercise of Preferred Investment Options for $3.3 Million Gross Proceeds
• Neutral Sentiment: Short-interest data showed a steep drop in short positions in late June, which suggests bearish pressure has eased, though the latest July figure appears inconsistent and may not be meaningful.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on VRAX. Wall Street Zen cut Virax Biolabs Group from a “hold” rating to a “sell” rating in a research note on Sunday, July 5th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Virax Biolabs Group in a report on Monday, July 6th. One analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $25.00.

Virax Biolabs Group Stock Performance

Shares of VRAX traded down $2.28 during mid-day trading on Friday, reaching $4.08. The company had a trading volume of 1,716,961 shares, compared to its average volume of 3,781,486. The firm has a 50-day moving average price of $4.47 and a 200 day moving average price of $5.39. Virax Biolabs Group has a 52 week low of $2.50 and a 52 week high of $28.50.

Virax Biolabs Group (NASDAQ:VRAX) last released its earnings results on Friday, July 3rd. The company reported ($0.20) EPS for the quarter, topping the consensus estimate of ($1.75) by $1.55. The company had revenue of $0.01 million during the quarter, compared to the consensus estimate of $0.00 million. Equities research analysts anticipate that Virax Biolabs Group will post -6 earnings per share for the current fiscal year.

Virax Biolabs Group Company Profile

Virax Biolabs Group (NASDAQ: VRAX) is a clinical-stage biotechnology company focused on the research, development and manufacturing of next-generation vaccines targeting respiratory and other infectious diseases. Headquartered in Australia, the company leverages advanced viral vector platforms to create novel immunization solutions designed to induce both systemic and mucosal immunity. Virax Biolabs is publicly traded on the NASDAQ exchange under the symbol VRAX.

At the core of Virax Biolabs’ pipeline is a proprietary adenoviral vector platform, licensed exclusively from a leading academic institution, which serves as the backbone for intranasal and injectable vaccine candidates.