Needham & Company LLC Forecasts Strong Price Appreciation for Vir Biotechnology (NASDAQ:VIR) Stock

Vir Biotechnology (NASDAQ:VIR) had its target price increased by Needham & Company LLC from $18.00 to $20.00 in a report issued on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC‘s target price would suggest a potential upside of 69.92% from the company’s previous close.

A number of other research firms have also recently issued reports on VIR. Weiss Ratings reissued a “sell (d-)” rating on shares of Vir Biotechnology in a research note on Friday, October 2nd. Morgan Stanley set a $25.00 target price on shares of Vir Biotechnology in a research report on Thursday, August 6th. Wall Street Zen upgraded Vir Biotechnology from a “sell” rating to a “hold” rating in a report on Saturday, August 8th. Zacks Research downgraded Vir Biotechnology from a “hold” rating to a “strong sell” rating in a research note on Tuesday, October 6th. Finally, Raymond James Financial reissued a “strong-buy” rating on shares of Vir Biotechnology in a report on Monday, September 28th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $22.14.

Vir Biotechnology Trading Up 4.9%

Shares of NASDAQ:VIR opened at $11.77 on Thursday. The stock has a market capitalization of $1.99 billion, a PE ratio of -6.33 and a beta of 1.70. The firm has a fifty day moving average price of $11.02 and a 200 day moving average price of $9.56. Vir Biotechnology has a 1 year low of $4.82 and a 1 year high of $12.19.

Vir Biotechnology (NASDAQ:VIR) last announced its quarterly earnings data on Wednesday, November 4th. The company reported ($0.57) earnings per share for the quarter, topping the consensus estimate of ($0.75) by $0.18. The firm had revenue of ($0.19) million for the quarter, compared to analyst estimates of $0.98 million. During the same period in the previous year, the business posted ($1.17) EPS. Vir Biotechnology’s revenue for the quarter was down 178.3% compared to the same quarter last year. On average, sell-side analysts forecast that Vir Biotechnology will post -1.84 earnings per share for the current fiscal year.

Insider Activity at Vir Biotechnology

In related news, EVP Vanina de Verneuil sold 2,407 shares of the company’s stock in a transaction that occurred on Tuesday, November 3rd. The stock was sold at an average price of $11.10, for a total transaction of $26,717.70. Following the completion of the transaction, the executive vice president owned 110,193 shares in the company, valued at $1,223,142.30. This represents a 2.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 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. 2.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Vir Biotechnology

Institutional investors and hedge funds have recently modified their holdings of the company. Fiduciary Financial Advisors bought a new position in shares of Vir Biotechnology in the 2nd quarter worth approximately $29,000. Mirae Asset Global Investments Co. Ltd. bought a new position in Vir Biotechnology in the third quarter worth approximately $97,000. Caxton Associates LLP purchased a new position in shares of Vir Biotechnology during the 1st quarter worth $112,000. Amundi raised its holdings in Vir Biotechnology by 52.8% in the 1st quarter. Amundi now owns 15,315 shares of the company’s stock worth $137,000 after purchasing an additional 5,294 shares during the period. Finally, Royal Bank of Canada lifted its position in shares of Vir Biotechnology by 223.1% during the 1st quarter. Royal Bank of Canada now owns 15,355 shares of the company’s stock valued at $138,000 after buying an additional 10,603 shares in the last quarter. 65.32% of the stock is currently owned by hedge funds and other institutional investors.

Key Headlines Impacting Vir Biotechnology

Here are the key news stories impacting Vir Biotechnology this week:

• Positive Sentiment: Vir said it expects topline results from its ECLIPSE-1 hepatitis delta trial this quarter and highlighted additional oncology catalysts. The company also projects its cash runway into the second half of 2028, easing near-term financing concerns. Cash runway and ECLIPSE-1 update
• Positive Sentiment: Q3 loss narrowed to $0.57 per share, better than estimates of about $0.75–$0.80 and the $1.17 loss a year earlier. The earnings beat and improved year-over-year loss may support investor sentiment. Q3 results and corporate update
• Neutral Sentiment: EVP Vanina de Verneuil sold shares under a pre-arranged Rule 10b5-1 plan to cover tax withholding on vested equity awards. The sales were relatively small, and the stated purpose makes them a limited signal about management’s view of the business. Insider transaction details
• Negative Sentiment: Revenue was negative $0.19 million, below analysts’ $0.98 million estimate and down 178.3% year over year, tempering the earnings beat. Q3 earnings coverage

About Vir Biotechnology

Vir Biotechnology, Inc is a clinical-stage immunology company focused on developing medicines to prevent and treat serious infectious diseases and other immune-related conditions. The company uses antibody engineering, immunologic approaches and other technologies to identify and advance therapies designed to harness or modify the immune system.

Vir’s research and development programs have included treatments and vaccines for hepatitis B, human immunodeficiency virus (HIV), influenza and other infectious diseases.