Atea Pharmaceuticals (NASDAQ:AVIR) Shares Gap Up to $26.23

Atea Pharmaceuticals, Inc. (NASDAQ:AVIR) gapped up prior to trading on Monday . The stock had previously closed at $26.23, but opened at $27.02. Atea Pharmaceuticals shares last traded at $28.96, with a volume of 11,734 shares traded.

Several equities research analysts have recently weighed in on the company. Morgan Stanley upped their target price on Atea Pharmaceuticals from $35.00 to $37.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 18th. Zacks Investment Research raised Atea Pharmaceuticals from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 3rd. Finally, SVB Leerink assumed coverage on Atea Pharmaceuticals in a report on Thursday, September 9th. They issued an “outperform” rating and a $60.00 price target for the company. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $57.40.

The business has a fifty day moving average of $27.87 and a 200 day moving average of $33.65. The stock has a market cap of $2.36 billion and a PE ratio of -55.78.

Atea Pharmaceuticals (NASDAQ:AVIR) last released its earnings results on Wednesday, August 11th. The company reported $0.02 EPS for the quarter, topping analysts’ consensus estimates of $0.01 by $0.01. The firm had revenue of $60.39 million for the quarter, compared to the consensus estimate of $115.99 million. On average, equities analysts forecast that Atea Pharmaceuticals, Inc. will post 0.75 earnings per share for the current fiscal year.

A number of large investors have recently added to or reduced their stakes in AVIR. Victory Capital Management Inc. bought a new position in Atea Pharmaceuticals during the 1st quarter worth approximately $438,000. Alliancebernstein L.P. lifted its holdings in Atea Pharmaceuticals by 48.0% during the 1st quarter. Alliancebernstein L.P. now owns 18,802 shares of the company’s stock worth $1,161,000 after buying an additional 6,102 shares during the last quarter. Rhumbline Advisers lifted its holdings in Atea Pharmaceuticals by 37.1% during the 1st quarter. Rhumbline Advisers now owns 17,163 shares of the company’s stock worth $1,060,000 after buying an additional 4,647 shares during the last quarter. Bank Julius Baer & Co. Ltd Zurich bought a new position in Atea Pharmaceuticals during the 1st quarter worth approximately $4,795,000. Finally, New York State Common Retirement Fund lifted its holdings in Atea Pharmaceuticals by 22.1% during the 1st quarter. New York State Common Retirement Fund now owns 13,800 shares of the company’s stock worth $852,000 after buying an additional 2,500 shares during the last quarter. 70.41% of the stock is currently owned by institutional investors.

About Atea Pharmaceuticals (NASDAQ:AVIR)

Atea Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, focused on discovering, developing, and commercializing antiviral therapeutics for patients suffering from viral infections. Its lead product candidate is AT-527, a novel antiviral agent that is in Phase II clinical trial for the treatment of patients with COVID-19.

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