Vir Biotechnology (NASDAQ:VIR) Shares Gap Down – Here’s Why

Vir Biotechnology, Inc. (NASDAQ:VIR) gapped down before the market opened on Friday. The stock had previously closed at $12.12, but opened at $10.46. Vir Biotechnology shares last traded at $9.8830, with a volume of 4,221,820 shares.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on VIR shares. HC Wainwright reaffirmed a “buy” rating and set a $22.00 target price on shares of Vir Biotechnology in a research note on Monday. Weiss Ratings reissued a “sell (d-)” rating on shares of Vir Biotechnology in a research report on Friday, October 2nd. Zacks Research upgraded shares of Vir Biotechnology from a “strong sell” rating to a “hold” rating in a research report on Wednesday, November 4th. Wall Street Zen raised Vir Biotechnology from a “hold” rating to a “buy” rating in a research report on Saturday, November 7th. Finally, Needham & Company LLC raised their price objective on shares of Vir Biotechnology from $18.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, November 5th. One analyst has rated the stock with a Strong Buy rating, six have assigned 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 company presently has an average rating of “Moderate Buy” and an average price target of $22.57.

Vir Biotechnology Price Performance

The company has a market cap of $1.69 billion, a price-to-earnings ratio of -7.85 and a beta of 1.70. The firm has a fifty day simple moving average of $11.18 and a 200 day simple moving average of $9.73.

Vir Biotechnology (NASDAQ:VIR) last issued its quarterly earnings data on Wednesday, November 4th. The company reported ($0.57) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.75) by $0.18. The firm had revenue of ($0.19) million during the quarter, compared to analyst estimates of $0.98 million. Vir Biotechnology’s quarterly revenue was down 178.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($1.17) earnings per share. Analysts expect that Vir Biotechnology, Inc. will post -1.28 earnings per share for the current year.

Insider Transactions at Vir Biotechnology

In other Vir Biotechnology news, EVP Vanina de Verneuil sold 2,407 shares of Vir Biotechnology stock in a transaction that occurred on Tuesday, November 3rd. The stock was sold at an average price of $11.10, for a total value of $26,717.70. Following the transaction, the executive vice president directly owned 110,193 shares of the company’s stock, valued at $1,223,142.30. The trade was a 2.14% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 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 owned by company insiders.

Hedge Funds Weigh In On Vir Biotechnology

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Oregon Public Employees Retirement Fund grew its position in Vir Biotechnology by 3.3% in the 3rd quarter. Oregon Public Employees Retirement Fund now owns 28,468 shares of the company’s stock worth $318,000 after purchasing an additional 900 shares during the last quarter. Voya Investment Management LLC grew its holdings in shares of Vir Biotechnology by 2.3% during the 3rd quarter. Voya Investment Management LLC now owns 63,855 shares of the company’s stock worth $714,000 after purchasing an additional 1,457 shares in the last quarter. ProShare Advisors LLC grew its holdings in shares of Vir Biotechnology by 6.4% during the 3rd quarter. ProShare Advisors LLC now owns 24,507 shares of the company’s stock worth $274,000 after purchasing an additional 1,464 shares in the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of Vir Biotechnology by 4.1% during the third quarter. Allspring Global Investments Holdings LLC now owns 55,135 shares of the company’s stock valued at $616,000 after purchasing an additional 2,164 shares during the period. Finally, Maryland State Retirement & Pension System increased its position in shares of Vir Biotechnology by 19.8% during the first quarter. Maryland State Retirement & Pension System now owns 16,163 shares of the company’s stock valued at $145,000 after purchasing an additional 2,668 shares during the period. Institutional investors own 65.32% of the company’s stock.

About Vir Biotechnology

Vir Biotechnology is a clinical-stage biopharmaceutical company focused on developing treatments for infectious diseases and cancer. Its research draws on immunology and includes approaches such as monoclonal antibodies, small-interfering RNA therapies and T-cell-based treatments. The company’s pipeline has included programs targeting chronic hepatitis B and influenza, as well as investigational cancer therapies. Vir has also pursued research and development collaborations to advance its programs.