Vir Biotechnology (NASDAQ:VIR) Shares Gap Up – Here’s What Happened

Vir Biotechnology, Inc. (NASDAQ:VIR)’s stock price gapped up prior to trading 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 traded.

Key Vir Biotechnology News

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.

Analysts Set New Price Targets

A number of research analysts recently commented on VIR shares. Wall Street Zen upgraded shares of Vir Biotechnology from a “hold” rating to a “buy” rating in a research note on Saturday. HC Wainwright upped their target price on Vir Biotechnology from $20.00 to $22.00 and gave the stock a “buy” rating in a research report on Wednesday, October 7th. Weiss Ratings restated a “sell (d-)” rating on shares of Vir Biotechnology in a research report on Friday, October 2nd. Needham & Company LLC boosted their price target on shares of Vir Biotechnology from $18.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday. Finally, Raymond James Financial reaffirmed a “strong-buy” rating on shares of Vir Biotechnology in a report on Monday, September 28th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Vir Biotechnology has an average rating of “Moderate Buy” and an average target price of $22.14.

Vir Biotechnology Price Performance

The firm’s fifty day moving average is $11.03 and its 200 day moving average is $9.61. The firm has a market capitalization of $2.39 billion, a price-to-earnings ratio of -11.12 and a beta of 1.70.

Vir Biotechnology (NASDAQ:VIR) last posted its quarterly earnings results on Wednesday, November 4th. The company reported ($0.57) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.75) by $0.18. The company had revenue of ($0.19) million during the quarter, compared to analyst estimates of $0.98 million. During the same period last year, the company posted ($1.17) earnings per share. The company’s revenue was down 178.3% compared to the same quarter last year. Equities research analysts forecast that Vir Biotechnology, Inc. will post -1.56 EPS for the current fiscal year.

Insider Buying and Selling

In other news, EVP Vanina de Verneuil sold 2,407 shares of the stock in a transaction on Tuesday, November 3rd. The shares were sold at an average price of $11.10, for a total transaction of $26,717.70. Following the transaction, the executive vice president owned 110,193 shares in the company, valued at $1,223,142.30. This represents a 2.14% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed 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. 2.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Vir Biotechnology

Several institutional investors have recently bought and sold shares of the stock. ACT Capital Partners L.P. acquired a new stake in shares of Vir Biotechnology in the third quarter worth about $559,000. Russell Investments Group Ltd. boosted its stake in shares of Vir Biotechnology by 65.7% during the 3rd quarter. Russell Investments Group Ltd. now owns 136,146 shares of the company’s stock worth $1,522,000 after acquiring an additional 53,987 shares in the last quarter. Fifth Third Bancorp increased its holdings in shares of Vir Biotechnology by 10.1% during the 3rd quarter. Fifth Third Bancorp now owns 29,064 shares of the company’s stock valued at $325,000 after acquiring an additional 2,669 shares during the last quarter. Maryland State Retirement & Pension System increased its holdings in shares of Vir Biotechnology by 58.5% during the 3rd quarter. Maryland State Retirement & Pension System now owns 28,033 shares of the company’s stock valued at $313,000 after acquiring an additional 10,346 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC increased its holdings in shares of Vir Biotechnology by 4.1% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 55,135 shares of the company’s stock valued at $616,000 after acquiring an additional 2,164 shares during the last quarter. 65.32% of the stock is currently owned by institutional investors.

About Vir Biotechnology

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.