Vir Biotechnology (NASDAQ:VIR) Shares Gap Down on Disappointing Earnings

Vir Biotechnology, Inc. (NASDAQ:VIR) gapped down before the market opened on Friday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $7.49, but opened at $7.14. Vir Biotechnology shares last traded at $9.03, with a volume of 898,312 shares.

The company reported ($1.56) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.96) by ($0.60). The business had revenue of $2.38 million during the quarter, compared to analyst estimates of $5.54 million. Vir Biotechnology had a negative net margin of 612.40% and a negative return on equity of 30.93%. Vir Biotechnology’s revenue for the quarter was down 9.8% on a year-over-year basis. During the same quarter last year, the business earned ($1.22) earnings per share.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on VIR shares. HC Wainwright restated a “buy” rating and issued a $110.00 target price on shares of Vir Biotechnology in a research report on Tuesday, August 20th. Needham & Company LLC reiterated a “buy” rating and set a $19.00 target price on shares of Vir Biotechnology in a research report on Friday. Finally, Barclays upped their price target on Vir Biotechnology from $27.00 to $28.00 and gave the company an “overweight” rating in a research report on Friday, August 2nd. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $36.80.

Insider Buying and Selling

In related news, Director Janet Napolitano sold 12,190 shares of Vir Biotechnology stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $7.80, for a total value of $95,082.00. Following the completion of the sale, the director now directly owns 11,616 shares in the company, valued at approximately $90,604.80. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 15.60% of the stock is currently owned by insiders.

Institutional Trading of Vir Biotechnology

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Texas Permanent School Fund Corp grew its holdings in shares of Vir Biotechnology by 1.4% in the first quarter. Texas Permanent School Fund Corp now owns 74,977 shares of the company’s stock valued at $760,000 after purchasing an additional 1,012 shares in the last quarter. Louisiana State Employees Retirement System raised its holdings in shares of Vir Biotechnology by 2.8% in the second quarter. Louisiana State Employees Retirement System now owns 43,800 shares of the company’s stock worth $390,000 after buying an additional 1,200 shares during the period. PNC Financial Services Group Inc. lifted its holdings in Vir Biotechnology by 20.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 11,186 shares of the company’s stock valued at $113,000 after buying an additional 1,869 shares in the last quarter. ProShare Advisors LLC boosted its holdings in shares of Vir Biotechnology by 8.4% in the first quarter. ProShare Advisors LLC now owns 26,392 shares of the company’s stock valued at $267,000 after purchasing an additional 2,035 shares during the period. Finally, Blue Trust Inc. lifted its stake in Vir Biotechnology by 143.5% in the third quarter. Blue Trust Inc. now owns 3,989 shares of the company’s stock worth $30,000 after acquiring an additional 2,351 shares during the period. 65.32% of the stock is owned by hedge funds and other institutional investors.

Vir Biotechnology Trading Up 23.6 %

The firm has a market cap of $1.27 billion, a PE ratio of -2.59 and a beta of 0.46. The business’s 50-day simple moving average is $7.75 and its 200 day simple moving average is $8.87.

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).