Atea Pharmaceuticals (NASDAQ:AVIR) Shares Down 1.2% – Here’s What Happened

Shares of Atea Pharmaceuticals, Inc. (NASDAQ:AVIR) traded down 1.2% during trading on Tuesday. The company traded as low as $4.98 and last traded at $5.07. 229,367 shares were traded during mid-day trading, a decline of 27% from the average session volume of 312,362 shares. The stock had previously closed at $5.13.

Analyst Ratings Changes

AVIR has been the topic of a number of research reports. Wall Street Zen upgraded Atea Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Saturday, September 12th. Morgan Stanley raised their target price on Atea Pharmaceuticals from $6.00 to $7.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 13th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Atea Pharmaceuticals in a research note on Friday, July 17th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $7.00.

Atea Pharmaceuticals Stock Up 3.0%

The company has a market capitalization of $413.88 million, a price-to-earnings ratio of -2.48 and a beta of 0.39. The business has a fifty day simple moving average of $5.25 and a two-hundred day simple moving average of $5.06.

Atea Pharmaceuticals (NASDAQ:AVIR) last posted its earnings results on Wednesday, August 12th. The company reported ($0.41) EPS for the quarter, topping the consensus estimate of ($0.56) by $0.15. As a group, equities analysts predict that Atea Pharmaceuticals, Inc. will post -1.99 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Atea Pharmaceuticals

A number of hedge funds have recently made changes to their positions in AVIR. Legal & General Group Plc acquired a new stake in shares of Atea Pharmaceuticals during the second quarter worth approximately $33,000. Quantinno Capital Management LP acquired a new position in shares of Atea Pharmaceuticals in the 1st quarter worth approximately $86,000. Spark Investment Management LLC bought a new stake in Atea Pharmaceuticals during the 2nd quarter worth approximately $75,000. Headlands Technologies LLC bought a new stake in Atea Pharmaceuticals during the 2nd quarter worth approximately $77,000. Finally, Engineers Gate Manager LP acquired a new stake in Atea Pharmaceuticals during the 2nd quarter valued at $78,000. Institutional investors and hedge funds own 86.67% of the company’s stock.

Atea Pharmaceuticals Company Profile

Atea Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on discovering and developing oral antiviral medicines for serious viral infections. The company’s research centers on small-molecule therapies designed to interfere with viral replication, with the goal of addressing diseases for which convenient and effective oral treatment options are needed.

Atea’s lead investigational product is bemnifosbuvir, an oral nucleotide polymerase inhibitor developed for the treatment of COVID-19.