Short Interest in Virax Biolabs Group Limited (NASDAQ:VRAX) Declines By 94.1%

Virax Biolabs Group Limited (NASDAQ:VRAX) saw a large drop in short interest in the month of June. As of June 30th, there was short interest totaling 60,615 shares, a drop of 94.1% from the June 15th total of 1,024,533 shares. Currently, 13.8% of the company’s shares are sold short. Based on an average daily volume of 137,557 shares, the days-to-cover ratio is currently 0.4 days.

Key Virax Biolabs Group News

Here are the key news stories impacting Virax Biolabs Group this week:

• Positive Sentiment: Virax announced an exclusive multi-country commercial supply agreement with Fosun Diagnostics covering six Southeast Asian markets. The deal gives the company an immediate path to product supply for its ImmuneSelect immune-profiling line and could create near-term revenue opportunities. Virax Biolabs Signs Multi-Country Commercial Supply Agreement with Fosun Diagnostics
• Positive Sentiment: Investor enthusiasm also appears to have been boosted by media coverage describing the Fosun agreement as a breakthrough that sent the shares sharply higher and even triggered temporary trading halts due to volatility.
• Neutral Sentiment: Virax completed the closing of previously announced preferred investment option exercises, generating $3.3 million in gross proceeds and issuing new warrants. This strengthens the balance sheet, but it also adds dilution risk. Virax Biolabs Group Limited Announces Closing of Exercise of Preferred Investment Options for $3.3 Million Gross Proceeds
• Neutral Sentiment: Short-interest data showed a steep drop in short positions in late June, which suggests bearish pressure has eased, though the latest July figure appears inconsistent and may not be meaningful.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on VRAX shares. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Virax Biolabs Group in a research report on Monday. Wall Street Zen cut shares of Virax Biolabs Group from a “hold” rating to a “sell” rating in a research report on Sunday, July 5th. One analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Virax Biolabs Group presently has an average rating of “Hold” and a consensus target price of $25.00.

Virax Biolabs Group Trading Down 35.8%

NASDAQ:VRAX traded down $2.28 during mid-day trading on Friday, hitting $4.08. 1,716,961 shares of the company’s stock traded hands, compared to its average volume of 3,781,486. The company has a fifty day moving average of $4.47 and a 200 day moving average of $5.39. Virax Biolabs Group has a twelve month low of $2.50 and a twelve month high of $28.50.

Virax Biolabs Group (NASDAQ:VRAX) last issued its quarterly earnings results on Friday, July 3rd. The company reported ($0.20) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.75) by $1.55. The business had revenue of $0.01 million for the quarter, compared to analysts’ expectations of $0.00 million. On average, research analysts predict that Virax Biolabs Group will post -6 earnings per share for the current fiscal year.

Virax Biolabs Group Company Profile

Virax Biolabs Group (NASDAQ: VRAX) is a clinical-stage biotechnology company focused on the research, development and manufacturing of next-generation vaccines targeting respiratory and other infectious diseases. Headquartered in Australia, the company leverages advanced viral vector platforms to create novel immunization solutions designed to induce both systemic and mucosal immunity. Virax Biolabs is publicly traded on the NASDAQ exchange under the symbol VRAX.

At the core of Virax Biolabs’ pipeline is a proprietary adenoviral vector platform, licensed exclusively from a leading academic institution, which serves as the backbone for intranasal and injectable vaccine candidates.