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

Vir Biotechnology, Inc. (NASDAQ:VIR - Get Free Report)'s stock price gapped down prior to trading on Friday following a weaker than expected earnings announcement. 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 trading hands.

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

Analyst Ratings Changes

VIR has been the subject of a number of recent research reports. Needham & Company LLC reiterated a "buy" rating and issued a $19.00 target price on shares of Vir Biotechnology in a report on Friday. HC Wainwright restated a "buy" rating and issued a $110.00 target price on shares of Vir Biotechnology in a report on Tuesday, August 20th. Finally, Barclays boosted their price objective on Vir Biotechnology from $27.00 to $28.00 and gave the company an "overweight" rating in a report on Friday, August 2nd. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock presently 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 on Monday, September 9th. The shares were sold at an average price of $7.80, for a total value of $95,082.00. Following the sale, the director now owns 11,616 shares of the company's stock, valued at approximately $90,604.80. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal 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 Investors Weigh In On Vir Biotechnology

Several large investors have recently added to or reduced their stakes in VIR. Vanguard Group Inc. raised its position in Vir Biotechnology by 9.8% during the 4th quarter. Vanguard Group Inc. now owns 12,297,139 shares of the company's stock worth $123,709,000 after buying an additional 1,096,473 shares during the last quarter. Millennium Management LLC increased its stake in shares of Vir Biotechnology by 94.6% during the second 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 during the period. Federated Hermes Inc. raised its holdings in Vir Biotechnology by 19,327.1% during the second quarter. Federated Hermes Inc. now owns 300,148 shares of the company's stock worth $2,671,000 after purchasing an additional 298,603 shares in the last quarter. Affinity Asset Advisors LLC acquired a new stake in Vir Biotechnology in the second quarter valued at about $1,780,000. Finally, Cubist Systematic Strategies LLC lifted its holdings in shares of Vir Biotechnology by 6,402.0% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 188,624 shares of the company's stock valued at $1,679,000 after buying an additional 185,723 shares during the period. 65.32% of the stock is owned by hedge funds and other institutional investors.

Vir Biotechnology Stock Up 22.8 %

The stock has a market cap of $1.26 billion, a price-to-earnings ratio of -2.30 and a beta of 0.46. The stock has a fifty day moving average of $7.74 and a two-hundred day moving average of $8.86.

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).