Atea Pharmaceuticals (NASDAQ:AVIR) Stock Price Up 5.9% – Here’s Why

Shares of Atea Pharmaceuticals, Inc. (NASDAQ:AVIR) were up 5.9% during trading on Tuesday . The stock traded as high as $5.40 and last traded at $5.38. Approximately 325,173 shares were traded during mid-day trading, a decline of 52% from the average daily volume of 671,832 shares. The stock had previously closed at $5.08.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Atea Pharmaceuticals in a research report on Wednesday, January 21st. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $6.00.

Atea Pharmaceuticals Trading Up 5.9%

The stock has a market capitalization of $428.62 million, a P/E ratio of -2.77 and a beta of 0.21. The firm’s fifty day moving average is $4.85 and its 200-day moving average is $3.78.

Atea Pharmaceuticals (NASDAQ:AVIR) last issued its quarterly earnings data on Thursday, March 5th. The company reported ($0.57) earnings per share for the quarter, missing the consensus estimate of ($0.49) by ($0.08). Equities research analysts expect that Atea Pharmaceuticals, Inc. will post -2.01 EPS for the current year.

Institutional Investors Weigh In On Atea Pharmaceuticals

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Prudential Financial Inc. bought a new position in Atea Pharmaceuticals in the 2nd quarter valued at $36,000. RFG Advisory LLC bought a new stake in shares of Atea Pharmaceuticals during the fourth quarter worth $53,000. BNP Paribas Financial Markets increased its stake in shares of 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 buying an additional 7,286 shares in the last quarter. SG Americas Securities LLC acquired a new stake in shares of Atea Pharmaceuticals in the third quarter valued at $59,000. Finally, Jump Financial LLC raised its holdings in shares of Atea Pharmaceuticals by 36.5% in the fourth quarter. Jump Financial LLC now owns 19,113 shares of the company’s stock valued at $68,000 after buying an additional 5,106 shares during the last quarter. 86.67% of the stock is owned by institutional investors and hedge funds.

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.