Vir Biotechnology (NASDAQ:VIR) Price Target Raised to $28.00

Vir Biotechnology (NASDAQ:VIR) had its price target increased by equities researchers at Morgan Stanley from $25.00 to $28.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Morgan Stanley‘s price objective suggests a potential upside of 109.82% from the stock’s current price.

Several other brokerages have also recently commented on VIR. Raymond James Financial reaffirmed a “strong-buy” rating on shares of Vir Biotechnology in a research report on Monday, September 28th. HC Wainwright reissued a “buy” rating and issued a $22.00 price objective on shares of Vir Biotechnology in a research note on Monday. Weiss Ratings restated a “sell (d-)” rating on shares of Vir Biotechnology in a research report on Friday, October 2nd. Needham & Company LLC raised their price objective on Vir Biotechnology from $18.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, November 5th. Finally, Wall Street Zen raised Vir Biotechnology from a “hold” rating to a “buy” rating in a research note on Saturday. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $22.57.

Vir Biotechnology Trading Down 2.2%

VIR stock traded down $0.30 on Tuesday, hitting $13.35. 521,065 shares of the company’s stock traded hands, compared to its average volume of 2,375,972. The stock has a market cap of $2.26 billion, a price-to-earnings ratio of -10.55 and a beta of 1.70. Vir Biotechnology has a 1-year low of $5.32 and a 1-year high of $14.38. The stock has a fifty day moving average of $11.09 and a 200-day moving average of $9.65.

Vir Biotechnology (NASDAQ:VIR) last posted its quarterly earnings data on Wednesday, November 4th. The company reported ($0.57) EPS for the quarter, beating analysts’ consensus estimates of ($0.75) by $0.18. The firm had revenue of ($0.19) million for the quarter, compared to analysts’ expectations of $0.98 million. Vir Biotechnology’s quarterly revenue was down 178.3% compared to the same quarter last year. During the same period in the prior year, the company posted ($1.17) earnings per share. On average, equities research analysts anticipate that Vir Biotechnology will post -1.56 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP Vanina de Verneuil sold 2,407 shares of the business’s 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 directly owned 110,193 shares in the company, valued at $1,223,142.30. The trade was a 2.14% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 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 company insiders.

Institutional Investors Weigh In On Vir Biotechnology

Institutional investors have recently made changes to their positions in the company. Fiduciary Financial Advisors bought a new stake in Vir Biotechnology in the second quarter worth $29,000. Mirae Asset Global Investments Co. Ltd. bought a new position in Vir Biotechnology during the third quarter worth $97,000. Caxton Associates LLP acquired a new position in shares of Vir Biotechnology during the first quarter valued at about $112,000. Amundi lifted its position in shares of Vir Biotechnology by 52.8% in the 1st quarter. Amundi now owns 15,315 shares of the company’s stock worth $137,000 after acquiring an additional 5,294 shares during the period. Finally, Royal Bank of Canada lifted its position in Vir Biotechnology by 223.1% in the first quarter. Royal Bank of Canada now owns 15,355 shares of the company’s stock worth $138,000 after purchasing an additional 10,603 shares during the period. 65.32% of the stock is currently owned by institutional investors and hedge funds.

More Vir Biotechnology News

Here are the key news stories impacting Vir Biotechnology this week:

• Positive Sentiment: Vir said its monthly combination of elebsiran and tobevibart met the primary endpoint in the Phase 3 ECLIPSE 1 trial and also met secondary endpoints in adults with chronic hepatitis D. The company described the results as a major step toward addressing the disease; investors responded to the late-stage evidence of efficacy. Vir’s ECLIPSE 1 trial announcement
• Positive Sentiment: Additional Phase 2 SOLSTICE data showed deep, sustained viral suppression, while exploratory finite-treatment results offer a potential path to treatment without indefinite dosing. These findings add support to the program, though they are earlier-stage than ECLIPSE 1. Vir’s SOLSTICE data announcement
• Positive Sentiment: HC Wainwright reaffirmed its Buy rating and $22 price target, adding a bullish analyst view alongside the trial news. HC Wainwright rating information
• Neutral Sentiment: The Phase 3 result is an important milestone, but the therapy is not yet approved. Regulatory review and the company’s ability to compete in hepatitis D will remain important considerations for investors. Coverage of Vir’s Phase 3 result

About Vir Biotechnology

Vir Biotechnology is a clinical-stage biopharmaceutical company focused on developing treatments for infectious diseases and cancer. Its research draws on immunology and includes approaches such as monoclonal antibodies, small-interfering RNA therapies and T-cell-based treatments. The company’s pipeline has included programs targeting chronic hepatitis B and influenza, as well as investigational cancer therapies. Vir has also pursued research and development collaborations to advance its programs.