Virax Biolabs Group Limited (NASDAQ:VRAX) Short Interest Update

Virax Biolabs Group Limited (NASDAQ:VRAX) was the target of a significant decrease in short interest during the month of June. As of June 30th, there was short interest totaling 60,615 shares, a decrease of 94.1% from the June 15th total of 1,024,533 shares. Based on an average daily trading volume, of 137,557 shares, the short-interest ratio is currently 0.4 days. Currently, 13.8% of the shares of the company are short sold.

Virax Biolabs Group Stock Down 35.8%

Shares of VRAX stock traded down $2.28 during trading hours on Friday, reaching $4.08. 1,716,961 shares of the company traded hands, compared to its average volume of 3,781,486. Virax Biolabs Group has a 12-month low of $2.50 and a 12-month high of $28.50. The firm has a 50-day moving average price of $4.47 and a 200 day moving average price of $5.39.

Virax Biolabs Group (NASDAQ:VRAX) last released its earnings results on Friday, July 3rd. The company reported ($0.20) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.75) by $1.55. The firm had revenue of $0.01 million during the quarter, compared to analysts’ expectations of $0.00 million. On average, equities research analysts forecast that Virax Biolabs Group will post -6 EPS for the current year.

Virax Biolabs Group News Roundup

Here are the key news stories impacting Virax Biolabs Group this week:

• Positive Sentiment: Virax announced an exclusive multi-country commercial supply agreement with Fosun Diagnostics covering six Southeast Asian markets. The deal gives the company an immediate path to product supply for its ImmuneSelect immune-profiling line and could create near-term revenue opportunities. Virax Biolabs Signs Multi-Country Commercial Supply Agreement with Fosun Diagnostics
• Positive Sentiment: Investor enthusiasm also appears to have been boosted by media coverage describing the Fosun agreement as a breakthrough that sent the shares sharply higher and even triggered temporary trading halts due to volatility.
• Neutral Sentiment: Virax completed the closing of previously announced preferred investment option exercises, generating $3.3 million in gross proceeds and issuing new warrants. This strengthens the balance sheet, but it also adds dilution risk. Virax Biolabs Group Limited Announces Closing of Exercise of Preferred Investment Options for $3.3 Million Gross Proceeds
• Neutral Sentiment: Short-interest data showed a steep drop in short positions in late June, which suggests bearish pressure has eased, though the latest July figure appears inconsistent and may not be meaningful.

Analysts Set New Price Targets

Several research analysts have recently weighed in on VRAX shares. Wall Street Zen cut shares of Virax Biolabs Group from a “hold” rating to a “sell” rating in a research note on Sunday, July 5th. Weiss Ratings restated a “sell (e+)” rating on shares of Virax Biolabs Group in a research note on Monday. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $25.00.

About Virax Biolabs Group

Virax Biolabs Group (NASDAQ: VRAX) is a clinical-stage biotechnology company focused on the research, development and manufacturing of next-generation vaccines targeting respiratory and other infectious diseases. Headquartered in Australia, the company leverages advanced viral vector platforms to create novel immunization solutions designed to induce both systemic and mucosal immunity. Virax Biolabs is publicly traded on the NASDAQ exchange under the symbol VRAX.

At the core of Virax Biolabs’ pipeline is a proprietary adenoviral vector platform, licensed exclusively from a leading academic institution, which serves as the backbone for intranasal and injectable vaccine candidates.