Vir Biotechnology (NASDAQ:VIR) Shares Gap Down – What’s Next?

Vir Biotechnology, Inc. (NASDAQ:VIR)’s stock price gapped down before the market opened on Friday. The stock had previously closed at $12.12, but opened at $10.46. Vir Biotechnology shares last traded at $9.8830, with a volume of 4,221,820 shares.

Wall Street Analyst Weigh In

A number of research firms have commented on VIR. Wall Street Zen raised shares of Vir Biotechnology from a “hold” rating to a “buy” rating in a report on Saturday, November 7th. Zacks Research upgraded Vir Biotechnology from a “strong sell” rating to a “hold” rating in a research note on Wednesday, November 4th. Morgan Stanley upped their target price on Vir Biotechnology from $25.00 to $28.00 and gave the company an “overweight” rating in a report on Tuesday. Raymond James Financial reiterated a “strong-buy” rating on shares of Vir Biotechnology in a research report on Monday, September 28th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Vir Biotechnology in a research note on Friday, October 2nd. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Vir Biotechnology currently has an average rating of “Moderate Buy” and an average target price of $22.57.

Vir Biotechnology Stock Down 18.7%

The firm has a market capitalization of $1.69 billion, a P/E ratio of -7.85 and a beta of 1.70. The business’s 50 day moving average is $11.18 and its two-hundred day moving average is $9.73.

Vir Biotechnology (NASDAQ:VIR) last issued its quarterly earnings results on Wednesday, November 4th. The company reported ($0.57) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.75) by $0.18. The company had revenue of ($0.19) million during the quarter, compared to analyst estimates of $0.98 million. During the same period in the prior year, the company posted ($1.17) earnings per share. The company’s revenue was down 178.3% on a year-over-year basis. As a group, equities analysts anticipate that Vir Biotechnology, Inc. will post -1.28 earnings per share for the current fiscal year.

Insider Activity at Vir Biotechnology

In other news, EVP Vanina de Verneuil sold 2,407 shares of the business’s stock in a transaction on Tuesday, November 3rd. The stock was sold at an average price of $11.10, for a total value of $26,717.70. Following the sale, the executive vice president owned 110,193 shares of the company’s stock, valued at approximately $1,223,142.30. The trade was a 2.14% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 2.90% of the company’s stock.

Hedge Funds Weigh In On Vir Biotechnology

Large investors have recently made changes to their positions in the business. ADAR1 Capital Management LLC bought a new stake in Vir Biotechnology during the second quarter worth approximately $25,034,000. Parkman Healthcare Partners LLC purchased a new position in Vir Biotechnology during the 2nd quarter worth approximately $4,843,000. ARCH Venture Management LLC purchased a new stake in shares of Vir Biotechnology in the second quarter valued at $129,353,521. BlackRock Inc. acquired a new stake in shares of Vir Biotechnology in the second quarter worth $210,712,000. Finally, Bank of America Corp DE purchased a new position in shares of Vir Biotechnology during the second quarter valued at $11,642,000. Institutional investors own 65.32% of the company’s stock.

Vir Biotechnology Company Profile

Vir Biotechnology is a clinical-stage biopharmaceutical company focused on developing treatments for infectious diseases and cancer. Its research draws on immunology and includes approaches such as monoclonal antibodies, small-interfering RNA therapies and T-cell-based treatments. The company’s pipeline has included programs targeting chronic hepatitis B and influenza, as well as investigational cancer therapies. Vir has also pursued research and development collaborations to advance its programs.