Vir Biotechnology (NASDAQ:VIR) Shares Gap Up – Time to Buy?

Vir Biotechnology, Inc. (NASDAQ:VIR)’s share price gapped up before the market opened on Monday. The stock had previously closed at $12.21, but opened at $13.15. Vir Biotechnology shares last traded at $13.7770, with a volume of 2,704,003 shares changing hands.

Key Stories Impacting Vir Biotechnology

Here are the key news stories impacting Vir Biotechnology this week:

• Positive Sentiment: Vir said the Phase 3 ECLIPSE 1 trial met its primary endpoint; reports also note success on secondary endpoints. The positive topline results could advance the combination toward regulatory review and a potential new treatment option for people with chronic hepatitis delta. Vir’s ECLIPSE 1 Phase 3 announcement Phase 3 trial results coverage
• Positive Sentiment: Expanded Phase 2 SOLSTICE data also showed deepening, sustained viral suppression with the monthly combination. Together, the Phase 2 and Phase 3 results support the treatment’s potential and have fueled bullish interest in VIR. Expanded SOLSTICE Phase 2 data
• Positive Sentiment: Analyst optimism adds support: an earlier report said Vir’s price target was raised to $20, alongside the stock reaching a new one-year high. Price target raised to $20
• Neutral Sentiment: The Phase 2 announcement included exploratory data on finite treatment, but this remains early research and does not establish that treatment can be stopped or that the disease is cured.

Analyst Ratings Changes

Several analysts recently issued reports on VIR shares. Wall Street Zen raised shares of Vir Biotechnology from a “hold” rating to a “buy” rating in a report on Saturday. Raymond James Financial reiterated a “strong-buy” rating on shares of Vir Biotechnology in a research note on Monday, September 28th. Needham & Company LLC raised their price objective on shares of Vir Biotechnology from $18.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday. Zacks Research raised shares of Vir Biotechnology from a “strong sell” rating to a “hold” rating in a research report on Wednesday, November 4th. Finally, Morgan Stanley set a $25.00 target price on shares of Vir Biotechnology in a research report on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $22.14.

Vir Biotechnology Stock Performance

The firm has a market capitalization of $2.39 billion, a P/E ratio of -11.12 and a beta of 1.70. The stock has a fifty day moving average price of $11.03 and a two-hundred day moving average price of $9.61.

Vir Biotechnology (NASDAQ:VIR) last announced its quarterly earnings data on Wednesday, November 4th. The company reported ($0.57) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.75) by $0.18. The firm had revenue of ($0.19) million for the quarter, compared to the consensus estimate of $0.98 million. The business’s revenue for the quarter was down 178.3% compared to the same quarter last year. During the same quarter last year, the business earned ($1.17) earnings per share. As a group, research analysts anticipate that Vir Biotechnology, Inc. will post -1.56 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP Vanina de Verneuil sold 2,407 shares of Vir Biotechnology stock in a transaction dated Tuesday, November 3rd. The shares were sold at an average price of $11.10, for a total value of $26,717.70. Following the completion of the transaction, the executive vice president directly owned 110,193 shares of the company’s stock, valued at approximately $1,223,142.30. The trade was a 2.14% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 2.90% of the company’s stock.

Hedge Funds Weigh In On Vir Biotechnology

A number of large investors have recently bought and sold shares of the business. BlackRock Inc. acquired a new position in shares of Vir Biotechnology during the second quarter valued at $210,712,000. ARCH Venture Management LLC bought a new stake in shares of Vir Biotechnology during the second quarter valued at about $129,353,521. ADAR1 Capital Management LLC acquired a new stake in Vir Biotechnology in the first quarter worth about $24,593,000. Bank of America Corp DE acquired a new stake in Vir Biotechnology in the second quarter worth about $11,642,000. Finally, Avidity Partners Management LP bought a new position in Vir Biotechnology in the 1st quarter valued at about $8,512,000. Institutional investors own 65.32% of the company’s stock.

Vir Biotechnology Company Profile

Vir Biotechnology, Inc is a clinical-stage immunology company focused on developing medicines to prevent and treat serious infectious diseases and other immune-related conditions. The company uses antibody engineering, immunologic approaches and other technologies to identify and advance therapies designed to harness or modify the immune system.

Vir’s research and development programs have included treatments and vaccines for hepatitis B, human immunodeficiency virus (HIV), influenza and other infectious diseases.