The stock of Vir Biotechnology, Inc. (NASDAQ:VIR) is now priced at $40.48 and the shares are -1.16 points down or -2.79% lower compared to its previous closing price of $41.64. The stock had 1.422 million contracts set over the past session. VIR shares’ daily volume is compared to its average trading volume at 1.259 million shares. However, it has a float of 109 million and although its performance was -5.75% over the week, it’s one to watch. Analysts have given the VIR stock a yearly average price target of $49.17 per share. It means the stock’s upside potential is 21.47% with the VIR share price recently placing at $39.4 to $44. However, some brokerage firms have priced the stock below the average, including one that has called $24.
The shorts are running away from the Vir Biotechnology, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the VIR shares have declined. Short interest in the stock represents just 2.77% of its float, but the volume has dropped by -904697. The volume of shorted shares dropped to 3.022 million from 3.927 million shares over the last two weeks. The average intraday trading volume has been 623905 shares, which means that days to cover moved to roughly 4.843486.
Looking at current readings, Vir Biotechnology, Inc.’s two-week RSI is 34.6. This suggests that the stock is neutral at the moment and that VIR shares’ price movement remains stable. The stochastic readings are equally revealing at 9.31% meaning the VIR share price is currently in overbought territory.
The technical chart shows that the VIR stock will likely settle at between $43.19 and $45.89 per share. However, if the stock dips below $38.59, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $36.69.
Currently, the stock is trading in the red of MACD, with a reading of -4.17. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Maxim Group assigned VIR a rating of Buy in their intiating review released on August 20. JP Morgan analysts downgraded their recommendation of the stock from Neutral to Underweight while keeping its target price at $26 in a flash note released to investors on March 19. Goldman seeing the stock struggling downgraded it from Buy to Neutral on March 13.
The average rating for the VIR equity is 3.2 and is currently gathering a bearish momentum. Of 7 analysts tracking Vir Biotechnology, Inc. polled by Reuters, 1 rated VIR as a hold. The remaining 6 analysts were split evenly. However, the split wasn’t equal as a majority (4) rated it as a buy or strong buy. 2 analyst advised investors against buying the stock or to sell if they own any of the stock.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Vir Biotechnology, Inc. (NASDAQ:VIR) will decrease by about -99.97%, which will see them reach $21.88 million. The company’s full-year revenues are, however, expected to increase by about 1283.31%, up from $8.09 million to $112 million. VIR’s expected adjusted earnings should drop almost -87.17% to end up at -$0.59 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -61.11% to record -$2.24/share.