Virax Biolabs Group (NASDAQ:VRAX) Trading Down 7.8% – Here’s What Happened

Virax Biolabs Group Limited (NASDAQ:VRAX) shares fell 7.8% during mid-day trading on Tuesday . The company traded as low as $2.56 and last traded at $2.60. Approximately 86,163 shares were traded during mid-day trading, a decline of 91% from the average session volume of 981,102 shares. The stock had previously closed at $2.82.

Wall Street Analysts Forecast Growth

VRAX has been the subject of a number of research reports. Wall Street Zen raised shares of Virax Biolabs Group from a “sell” rating to a “hold” rating in a report on Monday, July 13th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Virax Biolabs Group in a research report on Monday, July 6th. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Virax Biolabs Group has an average rating of “Hold” and an average price target of $25.00.

Virax Biolabs Group Trading Down 7.8%

The company has a fifty day simple moving average of $3.21 and a 200-day simple moving average of $4.15.

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

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.