Atea Pharmaceuticals (NASDAQ:AVIR) Trading 2.1% Higher – What’s Next?

Shares of Atea Pharmaceuticals, Inc. (NASDAQ:AVIR) shot up 2.1% during trading on Tuesday . The company traded as high as $4.55 and last traded at $4.48. Approximately 194,352 shares changed hands during mid-day trading, a decline of 29% from the average session volume of 273,332 shares. The stock had previously closed at $4.39.

Wall Street Analyst Weigh In

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of Atea Pharmaceuticals in a research note on Monday, April 20th. One analyst has rated the stock with a Strong Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy”.

Atea Pharmaceuticals Stock Performance

The company has a market cap of $358.52 million, a price-to-earnings ratio of -2.12 and a beta of 0.32. The company has a fifty day moving average of $4.85 and a two-hundred day moving average of $4.55.

Atea Pharmaceuticals (NASDAQ:AVIR) last posted its earnings results on Tuesday, May 12th. The company reported ($0.57) EPS for the quarter, beating the consensus estimate of ($0.60) by $0.03. Equities analysts expect that Atea Pharmaceuticals, Inc. will post -1.93 EPS for the current fiscal year.

Hedge Funds Weigh In On Atea Pharmaceuticals

Hedge funds have recently modified their holdings of the business. Irenic Capital Management LP acquired a new stake in shares of Atea Pharmaceuticals during the 1st quarter worth approximately $1,623,000. Empowered Funds LLC acquired a new position in shares of Atea Pharmaceuticals during the 1st quarter valued at $266,000. Quantinno Capital Management LP bought a new position in Atea Pharmaceuticals during the first quarter worth $86,000. Arrowstreet Capital Limited Partnership bought a new position in Atea Pharmaceuticals during the first quarter worth $1,133,000. Finally, Sei Investments Co. acquired a new stake in Atea Pharmaceuticals in the first quarter worth $841,000. Institutional investors and hedge funds own 86.67% of the company’s stock.

About Atea Pharmaceuticals

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.