Vir Biotechnology, Inc. (NASDAQ:VIR) experienced a significant decline of 7.1% on November 28, 2023, following a wave of insider selling. The stock reached a low of $5.86 during the trading session, ultimately closing at $5.96, reflecting a marked decrease from its previous closing price of $6.42. During this period, approximately 498,181 shares changed hands, representing a 68% drop in volume compared to the average of 1,535,890 shares.
Key to this downturn was the sale of shares by major stakeholder Endurance (Cayman) Ltd Svf. On November 28, the firm sold 61,493 shares at an average price of $6.44, amounting to a total of $396,014.92. Post-transaction, Endurance still holds 13,920,778 shares valued at approximately $89.6 million, which indicates a reduction of 0.44% in their overall stake.
In previous transactions, Endurance sold 127,938 shares at an average price of $6.39 on November 26, amounting to $817,523.82, and 235,971 shares at an average of $6.38 on November 25, totaling $1.5 million. Following these transactions, their ownership decreased by 0.91% and 1.64%, respectively. Details of these trades are documented in filings with the Securities and Exchange Commission (SEC).
Analysts’ Perspectives and Market Response
In light of recent events, analysts have responded with a mix of evaluations. Weiss Ratings maintained a “sell (e+)” rating for Vir Biotechnology. In contrast, HC Wainwright reaffirmed a “buy” rating with a price target of $15.00. Coverage from Evercore ISI initiated an “outperform” rating with a target of $12.00. Additionally, Bank of America upgraded its rating from “neutral” to “buy,” increasing their price target from $12.00 to $14.00.
Overall, the stock received nine “buy” ratings, one “hold,” and one “sell,” leading to an average rating of “Moderate Buy” with a consensus price target of $17.30.
Despite the recent downturn, Vir Biotechnology noted a 7.7% increase in stock value prior to the insider sales. The company has a market capitalization of approximately $843.62 million, a P/E ratio of -1.68, and a beta of 1.34.
Financial Performance and Institutional Holdings
Vir Biotechnology reported its quarterly earnings on November 5, 2023. The company posted earnings per share of ($1.17), falling short of analysts’ expectations of ($0.70) by $0.47. Revenue for the quarter was $0.24 million, significantly lower than the consensus estimate of $1.98 million. In comparison, the company reported earnings of ($1.56) per share during the same quarter the previous year, reflecting a year-over-year revenue increase of 0.8%.
Institutional trading has also been noteworthy. A range of hedge funds have adjusted their positions in Vir Biotechnology. For instance, Raymond James Financial Inc. established a new position valued at approximately $35,000 in the second quarter. Federated Hermes Inc. increased its stake by 153.8% in the third quarter, now owning 8,085 shares valued at $46,000. Other notable transactions include PNC Financial Services Group Inc., which raised its position by 26.2%, now holding 10,459 shares valued at $68,000.
Currently, institutional investors and hedge funds own around 65.32% of Vir Biotechnology’s stock.
Vir Biotechnology, Inc. focuses on developing therapeutic products targeting serious infectious diseases, including hepatitis and HIV. The company’s pipeline includes candidates aimed at various viral infections, reflecting its commitment to advancing immunology research.
For those interested in the latest updates on Vir Biotechnology and similar companies, a daily summary of news and analysts’ ratings is available through market analysis platforms.
