Vir Biotechnology (NASDAQ:VIR) Shares Gap Up After Better-Than-Expected Earnings

Shares of Vir Biotechnology, Inc. (NASDAQ:VIR) gapped up prior to trading on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $9.18, but opened at $10.13. Vir Biotechnology shares last traded at $10.21, with a volume of 527,255 shares changing hands.

The company reported ($0.48) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.99) by $0.51. The firm had revenue of $56.38 million for the quarter, compared to analysts’ expectations of $11.71 million. Vir Biotechnology had a negative net margin of 677.69% and a negative return on equity of 31.89%. The firm’s quarterly revenue was down 10.5% on a year-over-year basis. During the same period in the prior year, the company posted ($1.06) earnings per share.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. HC Wainwright restated a “buy” rating and set a $110.00 price objective on shares of Vir Biotechnology in a research note on Friday, March 15th. JPMorgan Chase & Co. raised their price target on shares of Vir Biotechnology from $10.00 to $12.00 and gave the stock a “neutral” rating in a research report on Friday. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $15.00 price objective on shares of Vir Biotechnology in a research report on Friday. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $34.63.

Insider Activity

In other Vir Biotechnology news, Director George A. Scangos sold 10,878 shares of the business’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $10.24, for a total transaction of $111,390.72. Following the completion of the transaction, the director now directly owns 157,611 shares of the company’s stock, valued at approximately $1,613,936.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director George A. Scangos sold 10,878 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $10.24, for a total value of $111,390.72. Following the sale, the director now directly owns 157,611 shares in the company, valued at approximately $1,613,936.64. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Ann M. Hanly sold 12,296 shares of Vir Biotechnology stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $10.05, for a total value of $123,574.80. Following the sale, the executive vice president now directly owns 134,780 shares in the company, valued at approximately $1,354,539. The disclosure for this sale can be found here. Over the last quarter, insiders sold 152,831 shares of company stock valued at $1,525,844. 15.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Vir Biotechnology

Institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in Vir Biotechnology by 9.8% in the fourth quarter. Vanguard Group Inc. now owns 12,297,139 shares of the company’s stock worth $123,709,000 after purchasing an additional 1,096,473 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Vir Biotechnology by 2.9% in the 3rd quarter. Bank of New York Mellon Corp now owns 861,484 shares of the company’s stock worth $8,072,000 after buying an additional 24,492 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Vir Biotechnology by 4.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 753,073 shares of the company’s stock valued at $7,576,000 after buying an additional 31,405 shares during the period. Jupiter Asset Management Ltd. boosted its stake in Vir Biotechnology by 41.0% during the third quarter. Jupiter Asset Management Ltd. now owns 708,257 shares of the company’s stock valued at $6,636,000 after buying an additional 205,913 shares in the last quarter. Finally, Rafferty Asset Management LLC boosted its stake in Vir Biotechnology by 68.5% during the third quarter. Rafferty Asset Management LLC now owns 525,317 shares of the company’s stock valued at $4,922,000 after buying an additional 213,477 shares in the last quarter. Institutional investors and hedge funds own 65.32% of the company’s stock.

Vir Biotechnology Price Performance

The business has a fifty day moving average of $9.79 and a 200-day moving average of $9.60. The stock has a market capitalization of $1.40 billion, a price-to-earnings ratio of -2.59 and a beta of 0.47.

Vir Biotechnology Company Profile

Vir Biotechnology, Inc, a commercial-stage immunology company, develops therapeutic products to treat and prevent serious infectious diseases. It offers tobevibart + elebsiran for the treatment of chronic hepatitis delta; elebsiran + PEG-IFN-a, tobevibart ± elebsiran ± PEG-IFN-a, and elebsiran+ TLR8+PD-1 for the treatment of chronic hepatitis B; VIR-1388 and Cure mAb combination for the treatment of human immunodeficiency virus; VIR-8190 for the treatment of respiratory syncytial virus / human metapneumovirus; VIR-2981 for the treatment of influenza; VIR-1949 for the treatment of pre-cancerous HPV lesions; and VIR07229 and Sotrovimab for the treatment of COVID-19 infection under the Xevudy brand.