Atea Pharmaceuticals (NASDAQ:AVIR) PT Lowered to $8.00

Atea Pharmaceuticals (NASDAQ:AVIR – Get Rating) had its price target reduced by equities research analysts at JPMorgan Chase & Co. from $12.00 to $8.00 in a report issued on Thursday, Benzinga reports. The firm presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 112.20% from the company’s current price.

Other analysts have also issued research reports about the stock. SVB Leerink dropped their target price on shares of Atea Pharmaceuticals from $8.00 to $6.00 and set a “market perform” rating on the stock in a research report on Friday, January 27th. Morgan Stanley dropped their target price on shares of Atea Pharmaceuticals from $7.00 to $4.00 and set an “underweight” rating on the stock in a research report on Tuesday, January 24th.

Atea Pharmaceuticals Stock Performance

AVIR opened at $3.77 on Thursday. Atea Pharmaceuticals has a fifty-two week low of $3.15 and a fifty-two week high of $9.79. The company has a fifty day moving average of $4.19 and a two-hundred day moving average of $5.03. The stock has a market capitalization of $314.19 million, a price-to-earnings ratio of -2.69 and a beta of 0.25.

Atea Pharmaceuticals (NASDAQ:AVIR – Get Rating) last released its quarterly earnings data on Tuesday, February 28th. The company reported ($0.41) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.45) by $0.04. On average, equities research analysts forecast that Atea Pharmaceuticals will post -1.85 earnings per share for the current year.

Hedge Funds Weigh In On Atea Pharmaceuticals

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Federated Hermes Inc. acquired a new position in Atea Pharmaceuticals in the 1st quarter valued at about $14,812,000. Tyrus Capital S.A.M. purchased a new stake in shares of Atea Pharmaceuticals in the 4th quarter valued at approximately $6,061,000. Vanguard Group Inc. raised its stake in shares of Atea Pharmaceuticals by 16.4% in the 1st quarter. Vanguard Group Inc. now owns 6,729,203 shares of the company’s stock valued at $48,584,000 after acquiring an additional 947,321 shares during the period. BlackRock Inc. raised its stake in shares of Atea Pharmaceuticals by 14.6% in the 1st quarter. BlackRock Inc. now owns 6,624,693 shares of the company’s stock valued at $47,830,000 after acquiring an additional 843,496 shares during the period. Finally, Renaissance Technologies LLC raised its stake in shares of Atea Pharmaceuticals by 87.7% in the 1st quarter. Renaissance Technologies LLC now owns 1,165,000 shares of the company’s stock valued at $8,411,000 after acquiring an additional 544,200 shares during the period. 68.92% of the stock is currently owned by institutional investors and hedge funds.

Atea Pharmaceuticals Company Profile

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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.