Morgan Stanley Upgrades Vir Biotechnology (NASDAQ:VIR) to “Overweight”

Vir Biotechnology (NASDAQ:VIR) was upgraded by research analysts at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a research note issued on Thursday,Benzinga reports. The brokerage presently has a $20.00 price target on the stock, up from their prior price target of $10.00. Morgan Stanley’s target price points to a potential upside of 65.29% from the stock’s current price.

Other analysts have also recently issued research reports about the company. Barclays decreased their target price on Vir Biotechnology from $28.00 to $26.00 and set an “overweight” rating for the company in a report on Monday, November 4th. Needham & Company LLC reiterated a “buy” rating and set a $19.00 price objective on shares of Vir Biotechnology in a research note on Wednesday, November 20th. Finally, HC Wainwright reissued a “buy” rating and issued a $110.00 price objective on shares of Vir Biotechnology in a research report on Wednesday, November 20th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, Vir Biotechnology currently has a consensus rating of “Moderate Buy” and an average price target of $37.80.

Vir Biotechnology Stock Performance

Vir Biotechnology stock opened at $12.10 on Thursday. Vir Biotechnology has a 1 year low of $6.56 and a 1 year high of $14.45. The firm has a 50 day moving average price of $8.24 and a 200 day moving average price of $8.36. The company has a market cap of $1.67 billion, a price-to-earnings ratio of -3.09 and a beta of 0.51.

Vir Biotechnology (NASDAQ:VIR) last announced its quarterly earnings data on Thursday, October 31st. The company reported ($1.56) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.05) by ($0.51). The company had revenue of $2.38 million for the quarter, compared to analysts’ expectations of $5.54 million. Vir Biotechnology had a negative net margin of 678.40% and a negative return on equity of 36.71%. The firm’s quarterly revenue was down 9.8% on a year-over-year basis. During the same period in the prior year, the firm earned ($1.22) earnings per share. Sell-side analysts predict that Vir Biotechnology will post -3.36 EPS for the current year.

Insider Buying and Selling

In related news, Director Vicki L. Sato sold 10,960 shares of Vir Biotechnology stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $12.52, for a total transaction of $137,219.20. Following the sale, the director now owns 1,312,391 shares of the company’s stock, valued at $16,431,135.32. The trade was a 0.83 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In the last ninety days, insiders have sold 14,786 shares of company stock valued at $170,172. Corporate insiders own 15.60% of the company’s stock.

Institutional Trading of Vir Biotechnology

Several large investors have recently modified their holdings of VIR. State Street Corp increased its stake in shares of Vir Biotechnology by 10.4% in the third quarter. State Street Corp now owns 5,625,533 shares of the company’s stock worth $42,135,000 after buying an additional 530,645 shares during the last quarter. Millennium Management LLC grew its holdings in Vir Biotechnology by 94.6% during the 2nd 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 in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Vir Biotechnology by 13.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,134,276 shares of the company’s stock worth $8,496,000 after purchasing an additional 136,087 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of Vir Biotechnology by 0.8% in 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 purchasing an additional 6,359 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of Vir Biotechnology by 10.1% during the second 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 during the last quarter. 65.32% of the stock is currently owned by institutional investors and hedge funds.

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).