Vir Biotechnology (NASDAQ:VIR) Issues Earnings Results

Vir Biotechnology (NASDAQ:VIR) posted its quarterly earnings results on Wednesday. The company reported ($1.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.70) by ($0.47), Zacks reports. The business had revenue of $0.24 million for the quarter, compared to the consensus estimate of $1.98 million. Vir Biotechnology had a negative return on equity of 47.71% and a negative net margin of 2,963.54%.Vir Biotechnology’s quarterly revenue was up .8% on a year-over-year basis. During the same quarter in the previous year, the company posted ($1.56) earnings per share.

Vir Biotechnology Trading Down 4.5%

Shares of VIR traded down $0.23 during trading hours on Friday, reaching $4.89. 154,062 shares of the stock traded hands, compared to its average volume of 1,536,055. The stock has a fifty day simple moving average of $5.54 and a 200 day simple moving average of $5.30. Vir Biotechnology has a 52 week low of $4.16 and a 52 week high of $14.45. The company has a market cap of $679.58 million, a price-to-earnings ratio of -1.36 and a beta of 1.27.

Insider Activity

In related news, Director Vicki L. Sato sold 22,000 shares of the stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $5.64, for a total transaction of $124,080.00. Following the completion of the sale, the director directly owned 1,210,391 shares of the company’s stock, valued at approximately $6,826,605.24. This trade represents a 1.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Endurance (Cayman) Ltd Svf sold 24,453 shares of the business’s stock in a transaction on Tuesday, October 28th. The stock was sold at an average price of $6.50, for a total value of $158,944.50. Following the completion of the transaction, the insider directly owned 14,574,083 shares in the company, valued at approximately $94,731,539.50. This represents a 0.17% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 2,177,423 shares of company stock valued at $12,952,406. Company insiders own 16.00% of the company’s stock.

Institutional Investors Weigh In On Vir Biotechnology

A number of hedge funds have recently made changes to their positions in VIR. Rhumbline Advisers boosted its holdings in shares of Vir Biotechnology by 1.0% in the 2nd quarter. Rhumbline Advisers now owns 228,949 shares of the company’s stock worth $1,154,000 after buying an additional 2,300 shares during the last quarter. Focus Partners Wealth boosted its stake in Vir Biotechnology by 15.3% in the first quarter. Focus Partners Wealth now owns 19,317 shares of the company’s stock valued at $125,000 after acquiring an additional 2,566 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in Vir Biotechnology by 0.9% in the second quarter. JPMorgan Chase & Co. now owns 443,375 shares of the company’s stock valued at $2,235,000 after acquiring an additional 4,069 shares during the last quarter. Raymond James Financial Inc. bought a new position in shares of Vir Biotechnology during the 2nd quarter valued at approximately $35,000. Finally, Russell Investments Group Ltd. increased its stake in shares of Vir Biotechnology by 10.9% during the 2nd quarter. Russell Investments Group Ltd. now owns 71,881 shares of the company’s stock worth $362,000 after purchasing an additional 7,042 shares during the last quarter. 65.32% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

VIR has been the topic of several research analyst reports. Evercore ISI initiated coverage on shares of Vir Biotechnology in a research note on Wednesday, September 3rd. They set an “outperform” rating and a $12.00 target price on the stock. HC Wainwright reiterated a “buy” rating and set a $15.00 price objective on shares of Vir Biotechnology in a report on Monday, September 15th. Weiss Ratings restated a “sell (e+)” rating on shares of Vir Biotechnology in a research note on Wednesday. Raymond James Financial began coverage on Vir Biotechnology in a research report on Friday, July 11th. They issued an “outperform” rating for the company. Finally, Bank of America upgraded Vir Biotechnology from a “neutral” rating to a “buy” rating and increased their price target for the stock from $12.00 to $14.00 in a report on Wednesday, August 27th. Nine equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $17.30.

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).