Leerink Partnrs Has Negative Outlook of VIR FY2024 Earnings

Vir Biotechnology, Inc. (NASDAQ:VIR) – Leerink Partnrs reduced their FY2024 earnings estimates for shares of Vir Biotechnology in a research report issued to clients and investors on Sunday, November 3rd. Leerink Partnrs analyst R. Ruiz now forecasts that the company will post earnings per share of ($4.02) for the year, down from their previous forecast of ($3.30). The consensus estimate for Vir Biotechnology’s current full-year earnings is ($3.48) per share. Leerink Partnrs also issued estimates for Vir Biotechnology’s Q4 2024 earnings at ($0.96) EPS, FY2025 earnings at ($4.25) EPS, FY2026 earnings at ($3.55) EPS and FY2027 earnings at ($0.90) EPS.

A number of other analysts have also recently issued reports on the stock. HC Wainwright reissued a “buy” rating and issued a $110.00 price objective on shares of Vir Biotechnology in a research note on Monday. Barclays cut their price target on Vir Biotechnology from $28.00 to $26.00 and set an “overweight” rating for the company in a research note on Monday. Finally, Needham & Company LLC restated a “buy” rating and issued a $19.00 price objective on shares of Vir Biotechnology in a research report on Friday, November 1st. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $36.40.

Vir Biotechnology Trading Up 5.5 %

NASDAQ VIR opened at $10.17 on Wednesday. Vir Biotechnology has a 12 month low of $7.12 and a 12 month high of $13.09. The stock has a market cap of $1.39 billion, a price-to-earnings ratio of -2.59 and a beta of 0.46. The company’s 50 day moving average is $7.80 and its two-hundred day moving average is $8.90.

Vir Biotechnology (NASDAQ:VIR) last released its earnings results on Thursday, October 31st. The company reported ($1.56) earnings per share for the quarter, missing the consensus estimate of ($1.05) by ($0.51). The company had revenue of $2.38 million for the quarter, compared to analysts’ expectations of $5.54 million. Vir Biotechnology had a negative net margin of 678.40% and a negative return on equity of 36.71%. Vir Biotechnology’s revenue for the quarter was down 9.8% on a year-over-year basis. During the same quarter last year, the firm posted ($1.22) earnings per share.

Insider Buying and Selling

In other Vir Biotechnology news, Director Janet Napolitano sold 12,190 shares of Vir Biotechnology stock in a transaction on Monday, September 9th. The shares were sold at an average price of $7.80, for a total value of $95,082.00. Following the sale, the director now directly owns 11,616 shares in the company, valued at approximately $90,604.80. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last quarter, insiders sold 15,940 shares of company stock worth $127,410. 15.60% of the stock is owned by insiders.

Institutional Trading of Vir Biotechnology

A number of large investors have recently added to or reduced their stakes in VIR. Vanguard Group Inc. lifted its holdings in shares of Vir Biotechnology by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 12,375,355 shares of the company’s stock valued at $125,362,000 after acquiring an additional 78,216 shares during the last quarter. Millennium Management LLC lifted its stake in shares of Vir Biotechnology by 94.6% in the 2nd quarter. Millennium Management LLC now owns 1,248,131 shares of the company’s stock valued at $11,108,000 after purchasing an additional 606,804 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Vir Biotechnology by 0.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 813,288 shares of the company’s stock worth $7,238,000 after purchasing an additional 6,359 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Vir Biotechnology by 10.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 637,486 shares of the company’s stock valued at $5,673,000 after purchasing an additional 58,360 shares during the last quarter. Finally, Empowered Funds LLC raised its holdings in Vir Biotechnology by 8.2% during the 1st quarter. Empowered Funds LLC now owns 458,044 shares of the company’s stock valued at $4,640,000 after buying an additional 34,640 shares during the period. Institutional investors own 65.32% of the company’s stock.

About Vir Biotechnology

Vir Biotechnology, Inc, an immunology company, develops therapeutic products to treat and prevent serious infectious diseases. Its clinical development pipeline consists of product candidates targeting hepatitis delta virus (HDV), hepatitis B virus (HBV), and human immunodeficiency virus (HIV). The company’s preclinical candidates include those targeting influenza A and B, coronavirus disease 2019, respiratory syncytial virus (RSV) and human metapneumovirus (MPV), and human papillomavirus (HPV).