Alta Partners Management Company L.P. Invests $3.59 Million in Vir Biotechnology, Inc. (NASDAQ:VIR)

Alta Partners Management Company L.P. bought a new position in shares of Vir Biotechnology, Inc. (NASDAQ:VIR) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 489,485 shares of the company’s stock, valued at approximately $3,593,000. Vir Biotechnology comprises approximately 5.7% of Alta Partners Management Company L.P.’s portfolio, making the stock its 2nd biggest holding.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. New York State Common Retirement Fund increased its position in shares of Vir Biotechnology by 163.8% during the fourth quarter. New York State Common Retirement Fund now owns 64,906 shares of the company’s stock worth $476,000 after acquiring an additional 40,300 shares during the last quarter. CIBC Asset Management Inc acquired a new position in Vir Biotechnology in the fourth quarter worth about $74,000. Principal Financial Group Inc. grew its stake in Vir Biotechnology by 3.7% in the fourth quarter. Principal Financial Group Inc. now owns 447,313 shares of the company’s stock worth $3,283,000 after purchasing an additional 15,902 shares in the last quarter. Rhumbline Advisers grew its stake in Vir Biotechnology by 0.5% in the fourth quarter. Rhumbline Advisers now owns 236,681 shares of the company’s stock worth $1,737,000 after purchasing an additional 1,288 shares in the last quarter. Finally, State of Alaska Department of Revenue grew its stake in Vir Biotechnology by 33.0% in the fourth quarter. State of Alaska Department of Revenue now owns 202,441 shares of the company’s stock worth $1,485,000 after purchasing an additional 50,199 shares in the last quarter. 65.32% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Vicki L. Sato sold 10,960 shares of Vir Biotechnology stock in a transaction that occurred on Wednesday, January 8th. The stock was sold at an average price of $12.52, for a total transaction of $137,219.20. Following the sale, the director now owns 1,312,391 shares of the company’s stock, valued at approximately $16,431,135.32. The trade was a 0.83 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director George A. Scangos sold 10,964 shares of Vir Biotechnology stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $9.81, for a total value of $107,556.84. Following the sale, the director now directly owns 708,295 shares in the company, valued at approximately $6,948,373.95. This trade represents a 1.52 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 30,935 shares of company stock valued at $327,082. Insiders own 15.60% of the company’s stock.

Analyst Ratings Changes

VIR has been the subject of a number of research reports. HC Wainwright reiterated a “buy” rating and issued a $110.00 price target on shares of Vir Biotechnology in a research note on Friday. Needham & Company LLC reiterated a “buy” rating and issued a $19.00 price target on shares of Vir Biotechnology in a research note on Thursday. Barclays lifted their price target on Vir Biotechnology from $26.00 to $31.00 and gave the stock an “overweight” rating in a research note on Friday. JPMorgan Chase & Co. lifted their price target on Vir Biotechnology from $10.00 to $14.00 and gave the stock a “neutral” rating in a research note on Thursday, January 9th. Finally, Morgan Stanley upgraded Vir Biotechnology from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $10.00 to $20.00 in a research note on Thursday, January 9th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Vir Biotechnology presently has a consensus rating of “Moderate Buy” and an average price target of $35.67.

Vir Biotechnology Stock Up 3.5 %

Shares of VIR stock opened at $8.39 on Friday. The business has a 50 day moving average of $9.46 and a two-hundred day moving average of $8.49. Vir Biotechnology, Inc. has a 52 week low of $6.56 and a 52 week high of $14.45. The company has a market cap of $1.16 billion, a P/E ratio of -2.14 and a beta of 0.64.

Vir Biotechnology (NASDAQ:VIR) last issued its earnings results on Wednesday, February 26th. The company reported ($0.76) EPS for the quarter, beating analysts’ consensus estimates of ($0.85) by $0.09. The company had revenue of $12.37 million during the quarter, compared to the consensus estimate of $8.14 million. Vir Biotechnology had a negative return on equity of 36.71% and a negative net margin of 678.40%. Analysts expect that Vir Biotechnology, Inc. will post -3.92 EPS for the current fiscal year.

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).