Vir Biotechnology (NASDAQ:VIR) Announces Earnings Results, Misses Expectations By $0.47 EPS

Vir Biotechnology (NASDAQ:VIR) posted its quarterly earnings data on Wednesday. The company reported ($1.17) EPS for the quarter, missing analysts’ consensus estimates of ($0.70) by ($0.47), Zacks reports. The firm had revenue of $0.24 million for the quarter, compared to analysts’ expectations of $1.98 million. Vir Biotechnology had a negative net margin of 2,895.94% and a negative return on equity of 50.22%. The firm’s revenue was up .8% compared to the same quarter last year. During the same quarter last year, the company posted ($1.56) EPS.

Vir Biotechnology Trading Up 2.9%

VIR stock opened at $5.40 on Thursday. The stock has a market cap of $750.17 million, a price-to-earnings ratio of -1.35 and a beta of 1.27. The business’s 50-day moving average is $5.53 and its 200 day moving average is $5.31. Vir Biotechnology has a 12-month low of $4.16 and a 12-month high of $14.45.

Insider Buying and Selling

In related news, major shareholder Endurance (Cayman) Ltd Svf sold 466,242 shares of the company’s stock in a transaction that occurred on Wednesday, October 8th. The stock was sold at an average price of $6.05, for a total value of $2,820,764.10. Following the transaction, the insider directly owned 15,621,369 shares in the company, valued at approximately $94,509,282.45. This represents a 2.90% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders sold 2,177,423 shares of company stock valued at $12,952,406 in the last 90 days. Corporate insiders own 16.00% of the company’s stock.

Hedge Funds Weigh In On Vir Biotechnology

A number of institutional investors and hedge funds have recently modified their holdings of VIR. Legal & General Group Plc boosted its stake in shares of Vir Biotechnology by 5.9% during the second quarter. Legal & General Group Plc now owns 248,726 shares of the company’s stock worth $1,254,000 after buying an additional 13,876 shares during the period. Rhumbline Advisers raised its holdings in Vir Biotechnology by 1.0% during the second quarter. Rhumbline Advisers now owns 228,949 shares of the company’s stock worth $1,154,000 after purchasing an additional 2,300 shares in the last quarter. LMR Partners LLP increased its stake in shares of Vir Biotechnology by 13.5% during the 2nd quarter. LMR Partners LLP now owns 167,800 shares of the company’s stock worth $846,000 after purchasing an additional 20,000 shares in the last quarter. Russell Investments Group Ltd. increased its stake in shares of Vir Biotechnology by 10.9% during the 2nd quarter. Russell Investments Group Ltd. now owns 71,881 shares of the company’s stock worth $362,000 after purchasing an additional 7,042 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. purchased a new position in shares of Vir Biotechnology during the 1st quarter worth approximately $359,000. Institutional investors and hedge funds own 65.32% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on VIR shares. HC Wainwright reiterated a “buy” rating and set a $15.00 price objective on shares of Vir Biotechnology in a research report on Monday, September 15th. Evercore ISI began coverage on Vir Biotechnology in a research note on Wednesday, September 3rd. They issued an “outperform” rating and a $12.00 price objective for the company. Raymond James Financial began coverage on Vir Biotechnology in a research note on Friday, July 11th. They set an “outperform” rating for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Vir Biotechnology in a research note on Tuesday, October 14th. Finally, Bank of America upgraded Vir Biotechnology from a “neutral” rating to a “buy” rating and upped their price objective for the company from $12.00 to $14.00 in a research report on Wednesday, August 27th. Nine investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $17.30.

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).