Atea Pharmaceuticals, Inc. (NASDAQ:AVIR) Sees Large Decline in Short Interest

Atea Pharmaceuticals, Inc. (NASDAQ:AVIRGet Rating) saw a large drop in short interest during the month of May. As of May 31st, there was short interest totalling 1,940,000 shares, a drop of 18.8% from the May 15th total of 2,390,000 shares. Based on an average daily volume of 764,500 shares, the short-interest ratio is presently 2.5 days. Currently, 2.7% of the company’s shares are sold short.

Several research firms have issued reports on AVIR. SVB Leerink decreased their price target on shares of Atea Pharmaceuticals from $10.00 to $9.00 and set a “market perform” rating on the stock in a research note on Tuesday, March 1st. JPMorgan Chase & Co. decreased their price target on shares of Atea Pharmaceuticals from $10.00 to $8.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 2nd.

Shares of AVIR stock opened at $6.60 on Thursday. The firm has a market cap of $549.50 million, a P/E ratio of 12.94 and a beta of -0.70. Atea Pharmaceuticals has a 1-year low of $5.31 and a 1-year high of $46.91. The firm’s 50-day simple moving average is $6.82 and its 200-day simple moving average is $7.10.

Atea Pharmaceuticals (NASDAQ:AVIRGet Rating) last announced its quarterly earnings data on Tuesday, May 10th. The company reported ($0.51) earnings per share for the quarter, topping the consensus estimate of ($0.58) by $0.07. Atea Pharmaceuticals had a net margin of 34.49% and a return on equity of 7.54%. During the same quarter last year, the company posted $0.34 EPS. As a group, equities analysts expect that Atea Pharmaceuticals will post -2.2 earnings per share for the current year.

Hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in Atea Pharmaceuticals by 16.4% in the first quarter. Vanguard Group Inc. now owns 6,729,203 shares of the company’s stock valued at $48,584,000 after buying an additional 947,321 shares during the period. BlackRock Inc. raised its holdings in Atea Pharmaceuticals by 14.6% in the first quarter. BlackRock Inc. now owns 6,624,693 shares of the company’s stock valued at $47,830,000 after buying an additional 843,496 shares during the period. State Street Corp raised its holdings in Atea Pharmaceuticals by 110.9% in the fourth quarter. State Street Corp now owns 2,325,453 shares of the company’s stock valued at $20,790,000 after buying an additional 1,222,601 shares during the period. Federated Hermes Inc. purchased a new position in Atea Pharmaceuticals in the first quarter valued at approximately $14,812,000. Finally, Schroder Investment Management Group raised its holdings in Atea Pharmaceuticals by 9,984.5% in the fourth quarter. Schroder Investment Management Group now owns 1,541,106 shares of the company’s stock valued at $13,777,000 after buying an additional 1,525,824 shares during the period. Institutional investors and hedge funds own 64.41% of the company’s stock.

About Atea Pharmaceuticals (Get Rating)

Atea Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, focused on discovering, developing, and commercializing antiviral therapeutics for patients suffering from viral infections. Its lead product candidate is AT-527, an antiviral drug candidate that is in Phase II clinical trial for the treatment of patients with COVID-19.

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