Atea Pharmaceuticals (NASDAQ:AVIR) Trading Down 2% – What’s Next?

Shares of Atea Pharmaceuticals, Inc. (NASDAQ:AVIR) fell 2% during mid-day trading on Thursday . The stock traded as low as $3.98 and last traded at $4.02. 513,477 shares changed hands during mid-day trading, a decline of 4% from the average session volume of 532,669 shares. The stock had previously closed at $4.10.

Analysts Set New Price Targets

AVIR has been the topic of several research analyst reports. Evercore raised Atea Pharmaceuticals to a “strong-buy” rating in a report on Friday, November 28th. Weiss Ratings reissued a “sell (d-)” rating on shares of Atea Pharmaceuticals in a report on Wednesday, January 21st. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Atea Pharmaceuticals has a consensus rating of “Moderate Buy” and an average target price of $6.00.

Atea Pharmaceuticals Stock Up 3.2%

The firm has a 50 day moving average price of $3.52 and a 200 day moving average price of $3.35. The stock has a market cap of $324.24 million, a P/E ratio of -2.34 and a beta of 0.24.

Atea Pharmaceuticals (NASDAQ:AVIR) last issued its quarterly earnings results on Wednesday, November 12th. The company reported ($0.53) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.46) by ($0.07). Equities analysts predict that Atea Pharmaceuticals, Inc. will post -2.01 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Atea Pharmaceuticals

Institutional investors have recently added to or reduced their stakes in the company. Prudential Financial Inc. purchased a new position in shares of Atea Pharmaceuticals in the second quarter valued at $36,000. RFG Advisory LLC bought a new position in Atea Pharmaceuticals during the 4th quarter valued at about $53,000. Johnson Investment Counsel Inc. bought a new position in Atea Pharmaceuticals during the 2nd quarter valued at about $55,000. BNP Paribas Financial Markets raised its position in Atea Pharmaceuticals by 57.7% in the 3rd quarter. BNP Paribas Financial Markets now owns 19,913 shares of the company’s stock worth $58,000 after purchasing an additional 7,286 shares during the period. Finally, SG Americas Securities LLC bought a new stake in Atea Pharmaceuticals in the third quarter worth about $59,000. Hedge funds and other institutional investors own 86.67% of the company’s stock.

Atea Pharmaceuticals Company Profile

Atea Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on the discovery and development of oral antiviral therapeutics targeting RNA viruses. The company’s lead program, AT-527, is a direct-acting nucleotide prodrug licensed from Roche and is being evaluated as a potential treatment for coronavirus disease 2019 (COVID-19). In addition to its COVID-19 efforts, Atea’s pipeline includes other small-molecule candidates for hepatitis C virus and emerging RNA pathogens, leveraging its proprietary nucleotide chemistry platform to address significant unmet medical needs in infectious diseases.

Founded in 2014 and headquartered in Cambridge, Massachusetts, Atea operates research laboratories in the Greater Boston area and conducts clinical studies across North America, Europe and parts of Asia.