Vir Biotechnology (NASDAQ:VIR) Stock Price Down 8.7% – Here’s What Happened

Vir Biotechnology, Inc. (NASDAQ:VIR)’s stock price traded down 8.7% during trading on Wednesday . The stock traded as low as $8.34 and last traded at $8.40. 599,299 shares were traded during trading, a decline of 43% from the average session volume of 1,055,193 shares. The stock had previously closed at $9.20.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. HC Wainwright reiterated a “buy” rating and set a $110.00 price target on shares of Vir Biotechnology in a research note on Wednesday, November 20th. Barclays cut their price target on shares of Vir Biotechnology from $28.00 to $26.00 and set an “overweight” rating on the stock in a research note on Monday, November 4th. Finally, Needham & Company LLC restated a “buy” rating and issued a $19.00 price objective on shares of Vir Biotechnology in a research note on Wednesday, November 20th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $36.40.

Vir Biotechnology Stock Down 8.5 %

The stock has a market cap of $1.16 billion, a PE ratio of -2.14 and a beta of 0.49. The business’s fifty day moving average is $7.91 and its 200 day moving average is $8.77.

Vir Biotechnology (NASDAQ:VIR) last released its quarterly earnings data on Thursday, October 31st. The company reported ($1.56) EPS for the quarter, missing analysts’ consensus estimates of ($1.05) by ($0.51). The company had revenue of $2.38 million for the quarter, compared to analysts’ expectations of $5.54 million. Vir Biotechnology had a negative return on equity of 36.71% and a negative net margin of 678.40%. The firm’s quarterly revenue was down 9.8% on a year-over-year basis. During the same period in the prior year, the firm posted ($1.22) EPS. As a group, analysts predict that Vir Biotechnology, Inc. will post -3.36 EPS for the current year.

Insider Buying and Selling at Vir Biotechnology

In other news, Director Janet Napolitano sold 12,190 shares of the business’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $7.80, for a total value of $95,082.00. Following the completion of the transaction, the director now owns 11,616 shares of the company’s stock, valued at $90,604.80. The trade was a 51.21 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders have sold 15,940 shares of company stock valued at $127,410 over the last quarter. Corporate insiders own 15.60% of the company’s stock.

Hedge Funds Weigh In On Vir Biotechnology

Institutional investors have recently modified their holdings of the company. Blue Trust Inc. increased its position in Vir Biotechnology by 143.5% during the third quarter. Blue Trust Inc. now owns 3,989 shares of the company’s stock worth $30,000 after purchasing an additional 2,351 shares during the last quarter. Innealta Capital LLC acquired a new stake in shares of Vir Biotechnology in the second quarter worth $32,000. nVerses Capital LLC acquired a new stake in shares of Vir Biotechnology in the third quarter worth $56,000. Magnetar Financial LLC acquired a new stake in shares of Vir Biotechnology in the second quarter worth $95,000. Finally, Quest Partners LLC increased its position in shares of Vir Biotechnology by 142.1% in the second quarter. Quest Partners LLC now owns 12,695 shares of the company’s stock worth $113,000 after acquiring an additional 7,452 shares in the last quarter. Institutional investors and hedge funds 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).