Atea Pharmaceuticals (NASDAQ:AVIR) Stock Price Down 1.4% – Here’s What Happened

Atea Pharmaceuticals, Inc. (NASDAQ:AVIR) was down 1.4% during mid-day trading on Tuesday . The company traded as low as $3.52 and last traded at $3.55. Approximately 251,688 shares were traded during trading, a decline of 32% from the average daily volume of 367,719 shares. The stock had previously closed at $3.60.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on AVIR shares. Evercore ISI raised shares of Atea Pharmaceuticals to a “strong-buy” rating in a report on Friday, November 28th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Atea Pharmaceuticals in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $6.00.

Atea Pharmaceuticals Price Performance

The company has a fifty day moving average of $3.21 and a two-hundred day moving average of $3.30. The stock has a market capitalization of $277.36 million, a P/E ratio of -2.01 and a beta of 0.16.

Atea Pharmaceuticals (NASDAQ:AVIR) last released its quarterly earnings results on Wednesday, November 12th. The company reported ($0.53) EPS for the quarter, missing the consensus estimate of ($0.46) by ($0.07). As a group, equities research analysts predict that Atea Pharmaceuticals, Inc. will post -2.01 EPS for the current fiscal year.

Institutional Trading of Atea Pharmaceuticals

Several hedge funds and other institutional investors have recently modified their holdings of the company. Jacobs Levy Equity Management Inc. raised its holdings in shares of Atea Pharmaceuticals by 37.2% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 398,423 shares of the company’s stock valued at $1,155,000 after purchasing an additional 107,963 shares in the last quarter. Millennium Management LLC lifted its stake in shares of Atea Pharmaceuticals by 179.2% in the third quarter. Millennium Management LLC now owns 487,223 shares of the company’s stock valued at $1,413,000 after buying an additional 312,733 shares during the period. Bank of America Corp DE grew its holdings in shares of Atea Pharmaceuticals by 185.8% during the 3rd quarter. Bank of America Corp DE now owns 313,644 shares of the company’s stock worth $910,000 after purchasing an additional 203,905 shares in the last quarter. Two Sigma Investments LP increased its holdings in Atea Pharmaceuticals by 28.6% in the 3rd quarter. Two Sigma Investments LP now owns 471,293 shares of the company’s stock valued at $1,367,000 after buying an additional 104,681 shares during the period. Finally, BNP Paribas Financial Markets increased its stake in Atea Pharmaceuticals by 57.7% in the third quarter. BNP Paribas Financial Markets now owns 19,913 shares of the company’s stock valued at $58,000 after acquiring an additional 7,286 shares during the period. 86.67% of the stock is currently owned by hedge funds and other institutional investors.

Atea Pharmaceuticals Company Profile

Atea Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on the discovery and development of oral antiviral therapeutics targeting RNA viruses. The company’s lead program, AT-527, is a direct-acting nucleotide prodrug licensed from Roche and is being evaluated as a potential treatment for coronavirus disease 2019 (COVID-19). In addition to its COVID-19 efforts, Atea’s pipeline includes other small-molecule candidates for hepatitis C virus and emerging RNA pathogens, leveraging its proprietary nucleotide chemistry platform to address significant unmet medical needs in infectious diseases.

Founded in 2014 and headquartered in Cambridge, Massachusetts, Atea operates research laboratories in the Greater Boston area and conducts clinical studies across North America, Europe and parts of Asia.