Vir Biotechnology (NASDAQ:VIR) Shares Down 7.4% - Here's Why

Vir Biotechnology, Inc. (NASDAQ:VIR - Get Free Report)'s stock price was down 7.4% on Friday . The stock traded as low as $7.91 and last traded at $8.00. Approximately 510,737 shares traded hands during trading, a decline of 50% from the average daily volume of 1,023,352 shares. The stock had previously closed at $8.64.

Wall Street Analysts Forecast Growth

VIR has been the subject of several recent research reports. Needham & Company LLC reissued a "buy" rating and set a $19.00 price target on shares of Vir Biotechnology in a research report on Friday, November 1st. Barclays dropped their price objective on Vir Biotechnology from $28.00 to $26.00 and set an "overweight" rating for the company in a research report on Monday, November 4th. Finally, HC Wainwright restated a "buy" rating and issued a $110.00 target price on shares of Vir Biotechnology in a report on Monday, November 4th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $36.40.

Vir Biotechnology Trading Down 7.3 %

The stock's 50-day moving average is $8.00 and its 200-day moving average is $8.95. The stock has a market cap of $1.10 billion, a price-to-earnings ratio of -2.04 and a beta of 0.46.

Vir Biotechnology (NASDAQ:VIR - Get Free Report) last announced its quarterly earnings results on Thursday, October 31st. The company reported ($1.56) earnings per share for the quarter, missing analysts' consensus estimates of ($1.05) by ($0.51). Vir Biotechnology had a negative return on equity of 36.71% and a negative net margin of 678.40%. The business had revenue of $2.38 million for the quarter, compared to analysts' expectations of $5.54 million. During the same period last year, the company posted ($1.22) earnings per share. The firm's revenue for the quarter was down 9.8% on a year-over-year basis. On average, equities analysts predict that Vir Biotechnology, Inc. will post -3.86 earnings per share for the current fiscal year.

Insider Activity at Vir Biotechnology

In other Vir Biotechnology news, Director Janet Napolitano sold 12,190 shares of the company's stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $7.80, for a total value of $95,082.00. Following the transaction, the director now directly owns 11,616 shares of the company's stock, valued at $90,604.80. This represents a 51.21 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In the last three months, insiders sold 15,940 shares of company stock valued at $127,410. Corporate insiders own 15.60% of the company's stock.

Hedge Funds Weigh In On Vir Biotechnology

A number of hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in Vir Biotechnology by 0.6% in the first quarter. Vanguard Group Inc. now owns 12,375,355 shares of the company's stock worth $125,362,000 after purchasing an additional 78,216 shares during the period. Affinity Asset Advisors LLC bought a new position in shares of Vir Biotechnology in the 2nd quarter worth about $1,780,000. ProShare Advisors LLC boosted its holdings in shares of Vir Biotechnology by 8.4% in the 1st quarter. ProShare Advisors LLC now owns 26,392 shares of the company's stock valued at $267,000 after buying an additional 2,035 shares during the period. Point72 Hong Kong Ltd grew its position in shares of Vir Biotechnology by 180.6% during the 2nd quarter. Point72 Hong Kong Ltd now owns 19,572 shares of the company's stock valued at $174,000 after buying an additional 12,598 shares during the last quarter. Finally, Millennium Management LLC raised its stake in 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. 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).