Vir Biotechnology (NASDAQ:VIR) Sets New 1-Year Low – Here’s Why

Vir Biotechnology, Inc. (NASDAQ:VIR)’s share price hit a new 52-week low during trading on Wednesday . The company traded as low as $6.53 and last traded at $6.56, with a volume of 787378 shares trading hands. The stock had previously closed at $6.95.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on VIR. Leerink Partners lifted their price target on shares of Vir Biotechnology from $18.00 to $20.00 and gave the company an “outperform” rating in a report on Monday, January 13th. Morgan Stanley upgraded shares of Vir Biotechnology from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $10.00 to $20.00 in a research note on Thursday, January 9th. JPMorgan Chase & Co. upped their price target on shares of Vir Biotechnology from $10.00 to $14.00 and gave the stock a “neutral” rating in a research report on Thursday, January 9th. Needham & Company LLC reiterated a “buy” rating and set a $19.00 target price on shares of Vir Biotechnology in a research report on Thursday, February 27th. Finally, Barclays upped their target price on shares of Vir Biotechnology from $26.00 to $31.00 and gave the stock an “overweight” rating in a research report on Friday, February 28th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $35.67.

Vir Biotechnology Trading Down 5.1 %

The firm’s 50-day moving average price is $9.02 and its 200-day moving average price is $8.38. The stock has a market capitalization of $904.46 million, a PE ratio of -1.67 and a beta of 1.17.

Vir Biotechnology (NASDAQ:VIR) last released its earnings results on Wednesday, February 26th. The company reported ($0.76) earnings per share for the quarter, beating the consensus estimate of ($0.85) by $0.09. Vir Biotechnology had a negative return on equity of 36.71% and a negative net margin of 678.40%. The firm had revenue of $12.37 million for the quarter, compared to the consensus estimate of $8.14 million. On average, equities research analysts predict that Vir Biotechnology, Inc. will post -3.92 earnings per share for the current fiscal year.

Insider Activity

In other Vir Biotechnology news, EVP Verneuil Vanina De sold 7,373 shares of the firm’s stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $9.14, for a total value of $67,389.22. Following the completion of the sale, the executive vice president now owns 79,460 shares of the company’s stock, valued at approximately $726,264.40. This trade represents a 8.49 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Vicki L. Sato sold 10,960 shares of the company’s stock in a transaction that occurred on Wednesday, January 8th. The shares were sold at an average price of $12.52, for a total transaction of $137,219.20. Following the transaction, the director now owns 1,312,391 shares in the company, valued at $16,431,135.32. The trade was a 0.83 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 30,859 shares of company stock valued at $326,458. Corporate insiders own 15.60% of the company’s stock.

Institutional Investors Weigh In On Vir Biotechnology

Several hedge funds have recently bought and sold shares of VIR. State of Alaska Department of Revenue increased its position in shares of Vir Biotechnology by 33.0% in the fourth quarter. State of Alaska Department of Revenue now owns 202,441 shares of the company’s stock valued at $1,485,000 after buying an additional 50,199 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in Vir Biotechnology by 13.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,134,276 shares of the company’s stock valued at $8,496,000 after acquiring an additional 136,087 shares during the period. State Street Corp increased its holdings in Vir Biotechnology by 10.4% in the 3rd quarter. State Street Corp now owns 5,625,533 shares of the company’s stock worth $42,135,000 after acquiring an additional 530,645 shares in the last quarter. Rhumbline Advisers raised its position in Vir Biotechnology by 0.5% during the fourth quarter. Rhumbline Advisers now owns 236,681 shares of the company’s stock worth $1,737,000 after acquiring an additional 1,288 shares during the period. Finally, abrdn plc purchased a new position in Vir Biotechnology during the fourth quarter valued at $2,666,000. Hedge funds and other institutional investors own 65.32% of the company’s stock.

About Vir Biotechnology

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).