Vir Biotechnology (NASDAQ:VIR) Shares Gap Up - Here's Why

Vir Biotechnology, Inc. (NASDAQ:VIR - Get Free Report)'s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $7.89, but opened at $12.55. Vir Biotechnology shares last traded at $11.61, with a volume of 10,778,855 shares traded.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Needham & Company LLC restated a "buy" rating and issued a $19.00 target price on shares of Vir Biotechnology in a report on Wednesday, November 20th. Barclays dropped their price objective on Vir Biotechnology from $28.00 to $26.00 and set an "overweight" rating on the stock in a research note on Monday, November 4th. Finally, HC Wainwright reiterated a "buy" rating and issued a $110.00 target price on shares of Vir Biotechnology in a research note on Wednesday, November 20th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $36.40.

Vir Biotechnology Stock Up 58.2 %

The stock has a 50-day moving average of $8.08 and a 200 day moving average of $8.31. The company has a market capitalization of $1.72 billion, a PE ratio of -3.18 and a beta of 0.51.

Vir Biotechnology (NASDAQ:VIR - Get Free Report) last announced its earnings results 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 business 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 company's revenue for the quarter was down 9.8% compared to the same quarter last year. During the same period in the prior year, the business earned ($1.22) earnings per share. Equities analysts forecast that Vir Biotechnology, Inc. will post -3.36 EPS for the current fiscal year.

Insider Buying and Selling at Vir Biotechnology

In other news, Director Vicki L. Sato sold 10,960 shares of the stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $12.52, for a total transaction of $137,219.20. Following the completion of the transaction, the director now owns 1,312,391 shares in the company, valued at approximately $16,431,135.32. This represents a 0.83 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold a total of 14,786 shares of company stock worth $170,172 over the last three months. 15.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Vir Biotechnology

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Blue Trust Inc. increased its holdings in Vir Biotechnology by 143.5% during the 3rd 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. Public Sector Pension Investment Board grew its position in shares of Vir Biotechnology by 1.4% during the 3rd quarter. Public Sector Pension Investment Board now owns 194,208 shares of the company's stock valued at $1,455,000 after purchasing an additional 2,600 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of Vir Biotechnology by 7.9% in the second quarter. The Manufacturers Life Insurance Company now owns 48,987 shares of the company's stock worth $436,000 after purchasing an additional 3,605 shares during the period. Bank of New York Mellon Corp raised its position in shares of Vir Biotechnology by 0.8% in the second quarter. Bank of New York Mellon Corp now owns 813,288 shares of the company's stock worth $7,238,000 after buying an additional 6,359 shares in the last quarter. Finally, Barclays PLC boosted its stake in Vir Biotechnology by 1.3% during the third quarter. Barclays PLC now owns 550,186 shares of the company's stock valued at $4,121,000 after buying an additional 7,287 shares during the period. Institutional investors own 65.32% of the company's stock.

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).