PNC Financial Services Group Inc. Increases Position in Vir Biotechnology, Inc. (NASDAQ:VIR)

PNC Financial Services Group Inc. grew its holdings in Vir Biotechnology, Inc. (NASDAQ:VIR) by 31.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,288 shares of the company’s stock after purchasing an additional 1,999 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Vir Biotechnology were worth $61,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. State Street Corp grew its holdings 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 valued at $42,135,000 after purchasing an additional 530,645 shares during the period. Alta Partners Management Company L.P. purchased a new stake in shares of Vir Biotechnology in the 4th quarter valued at approximately $3,593,000. abrdn plc acquired a new stake in shares of Vir Biotechnology during the 4th quarter worth approximately $2,666,000. Charles Schwab Investment Management Inc. raised its position 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 valued at $8,496,000 after buying an additional 136,087 shares during the period. Finally, PDT Partners LLC lifted its holdings in Vir Biotechnology by 34.4% in the third quarter. PDT Partners LLC now owns 220,821 shares of the company’s stock valued at $1,654,000 after acquiring an additional 56,494 shares during the last quarter. 65.32% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director George A. Scangos sold 10,964 shares of the firm’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $9.81, for a total value of $107,556.84. Following the sale, the director now directly owns 708,295 shares in the company, valued at approximately $6,948,373.95. This trade represents a 1.52 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Vicki L. Sato sold 10,960 shares of the stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $12.52, for a total value of $137,219.20. Following the completion of the transaction, the director now directly owns 1,312,391 shares in the company, valued at $16,431,135.32. This trade represents a 0.83 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 30,859 shares of company stock worth $326,458 in the last quarter. 15.60% of the stock is owned by company insiders.

Vir Biotechnology Price Performance

Shares of NASDAQ:VIR opened at $6.59 on Thursday. The firm has a market capitalization of $903.77 million, a PE ratio of -1.68 and a beta of 1.17. Vir Biotechnology, Inc. has a 1 year low of $6.53 and a 1 year high of $14.45. The firm’s 50-day moving average is $8.94 and its two-hundred day moving average is $8.37.

Vir Biotechnology (NASDAQ:VIR) last announced its earnings results on Wednesday, February 26th. The company reported ($0.76) earnings per share for the quarter, topping the consensus estimate of ($0.85) by $0.09. Vir Biotechnology had a negative net margin of 678.40% and a negative return on equity of 36.71%. The firm had revenue of $12.37 million for the quarter, compared to the consensus estimate of $8.14 million. Analysts expect that Vir Biotechnology, Inc. will post -3.92 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on VIR shares. JPMorgan Chase & Co. lifted their target price on Vir Biotechnology from $10.00 to $14.00 and gave the company a “neutral” rating in a research report on Thursday, January 9th. HC Wainwright restated a “buy” rating and issued a $110.00 price objective on shares of Vir Biotechnology in a report on Friday, February 28th. Needham & Company LLC reaffirmed a “buy” rating and set a $19.00 target price on shares of Vir Biotechnology in a research note on Thursday, February 27th. Leerink Partners boosted their price target on shares of Vir Biotechnology from $18.00 to $20.00 and gave the company an “outperform” rating in a research note on Monday, January 13th. Finally, Morgan Stanley raised shares of Vir Biotechnology from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $10.00 to $20.00 in a research report on Thursday, January 9th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $35.67.

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).