Atea Pharmaceuticals (NASDAQ:AVIR) Raised to Equal Weight at Morgan Stanley

Morgan Stanley upgraded shares of Atea Pharmaceuticals (NASDAQ:AVIR) from an underweight rating to an equal weight rating in a report issued on Tuesday, MarketBeat.com reports. They currently have $6.88 price objective on the stock, up from their previous price objective of $2.00.

Atea Pharmaceuticals Stock Up 3.9 %

Shares of Atea Pharmaceuticals stock opened at $3.74 on Tuesday. Atea Pharmaceuticals has a 12-month low of $2.77 and a 12-month high of $4.60. The company has a market capitalization of $314.99 million, a price-to-earnings ratio of -1.91 and a beta of 0.17. The firm’s 50-day moving average price is $3.54 and its two-hundred day moving average price is $3.80.

Atea Pharmaceuticals (NASDAQ:AVIR) last posted its quarterly earnings results on Wednesday, August 7th. The company reported ($0.48) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.76) by $0.28. During the same quarter last year, the business posted ($0.34) EPS. On average, sell-side analysts expect that Atea Pharmaceuticals will post -2.79 earnings per share for the current year.

Insider Buying and Selling

In other Atea Pharmaceuticals news, Director Bruce Polsky sold 17,544 shares of Atea Pharmaceuticals stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $3.49, for a total value of $61,228.56. Following the transaction, the director now owns 65,606 shares in the company, valued at $228,964.94. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 17.80% of the stock is owned by corporate insiders.

Institutional Trading of Atea Pharmaceuticals

Hedge funds have recently added to or reduced their stakes in the stock. SG Americas Securities LLC lifted its stake in shares of Atea Pharmaceuticals by 23.3% in the 4th quarter. SG Americas Securities LLC now owns 42,521 shares of the company’s stock valued at $130,000 after acquiring an additional 8,024 shares during the last quarter. BML Capital Management LLC raised its position in Atea Pharmaceuticals by 13.8% in the fourth quarter. BML Capital Management LLC now owns 5,462,079 shares of the company’s stock valued at $16,659,000 after purchasing an additional 662,079 shares during the last quarter. Acuitas Investments LLC boosted its stake in shares of Atea Pharmaceuticals by 38.6% during the fourth quarter. Acuitas Investments LLC now owns 171,098 shares of the company’s stock valued at $522,000 after purchasing an additional 47,671 shares in the last quarter. Marquette Asset Management LLC grew its holdings in shares of Atea Pharmaceuticals by 89.7% during the fourth quarter. Marquette Asset Management LLC now owns 47,166 shares of the company’s stock worth $144,000 after purchasing an additional 22,301 shares during the last quarter. Finally, RPO LLC acquired a new position in shares of Atea Pharmaceuticals in the fourth quarter valued at approximately $39,000. Institutional investors and hedge funds own 86.67% of the company’s stock.

About Atea Pharmaceuticals

Atea Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, discovers, develops, and commercializes antiviral therapeutics for patients with viral infections. Its lead product candidate is AT-527, an oral antiviral candidate that is in Phase 3 SUNRISE-3 clinical trial for the treatment of patients with COVID-19.