Vir Biotechnology (NASDAQ:VIR) Stock Price Down 7.4% – Here’s Why

Shares of Vir Biotechnology, Inc. (NASDAQ:VIR) dropped 7.4% during mid-day trading on Friday . The company traded as low as $7.91 and last traded at $8.00. Approximately 510,737 shares traded hands during trading, a decline of 50% from the average daily volume of 1,023,352 shares. The stock had previously closed at $8.64.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. Barclays dropped their target price on Vir Biotechnology from $28.00 to $26.00 and set an “overweight” rating on the stock in a report on Monday, November 4th. HC Wainwright restated a “buy” rating and set a $110.00 price objective on shares of Vir Biotechnology in a research note on Monday, November 4th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $19.00 target price on shares of Vir Biotechnology in a report on Friday, November 1st. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $36.40.

Vir Biotechnology Stock Down 8.3 %

The business has a fifty day moving average of $8.00 and a 200 day moving average of $8.95. The company has a market cap of $1.09 billion, a P/E ratio of -2.03 and a beta of 0.46.

Vir Biotechnology (NASDAQ:VIR) last released its quarterly earnings results on Thursday, October 31st. The company reported ($1.56) earnings per share for the quarter, missing the consensus estimate of ($1.05) by ($0.51). Vir Biotechnology had a negative net margin of 678.40% and a negative return on equity of 36.71%. The firm had revenue of $2.38 million for the quarter, compared to the consensus estimate of $5.54 million. During the same quarter in the prior year, the firm earned ($1.22) earnings per share. The company’s revenue for the quarter was down 9.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Vir Biotechnology, Inc. will post -3.86 EPS for the current fiscal year.

Insider Transactions at Vir Biotechnology

In other news, Director Janet Napolitano sold 12,190 shares of the company’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $7.80, for a total transaction of $95,082.00. Following the transaction, the director now directly owns 11,616 shares of the company’s stock, valued at $90,604.80. This represents a 51.21 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders have sold a total of 15,940 shares of company stock valued at $127,410 in the last ninety days. 15.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Vir Biotechnology

A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in shares of Vir Biotechnology by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 12,375,355 shares of the company’s stock worth $125,362,000 after purchasing an additional 78,216 shares during the period. Millennium Management LLC raised its position in Vir Biotechnology by 94.6% in the second quarter. Millennium Management LLC now owns 1,248,131 shares of the company’s stock worth $11,108,000 after acquiring an additional 606,804 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of Vir Biotechnology by 13.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,134,276 shares of the company’s stock worth $8,496,000 after acquiring an additional 136,087 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of Vir Biotechnology by 0.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 813,288 shares of the company’s stock valued at $7,238,000 after acquiring an additional 6,359 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in shares of Vir Biotechnology by 10.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 637,486 shares of the company’s stock worth $5,673,000 after purchasing an additional 58,360 shares in the last quarter. 65.32% of the stock is currently owned by hedge funds and other institutional investors.

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).