SAN FRANCISCO—Vanina de Verneuil, Executive Vice President and General Counsel at Vir Biotechnology, Inc. (NASDAQ:VIR), recently reported the sale of company stock valued at approximately $32,332. The transactions were disclosed in a filing with the Securities and Exchange Commission.
The sales occurred in two separate transactions. On November 1, de Verneuil sold 1,403 shares at an average price of $7.2039, totaling $10,107. Subsequently, on November 5, she sold an additional 2,347 shares at a weighted average price of $9.4696, amounting to $22,225. The latter transaction was executed under a prearranged Rule 10b5-1 trading plan.
Following these sales, de Verneuil retains direct ownership of 61,370 shares of Vir Biotechnology. The initial sale was conducted to cover tax obligations related to the vesting of restricted stock units.
In other recent news, Vir Biotechnology has made significant strides in its operations. The company's third-quarter 2024 earnings call revealed a licensing agreement with Sanofi (EPA:SASY) (NASDAQ:SNY) for three T-cell engager programs, which aims to reduce toxicity and enhance dosing efficacy. Concurrently, Vir is making progress in hepatitis trials and plans to commence a registrational program for the hepatitis delta virus in 2025.
Additionally, Vir reported an increase in R&D expenses to $195 million, primarily due to the Sanofi deal, while SG&A expenses decreased to $25.7 million. The company concluded the quarter with $1.19 billion in cash and equivalents, updating its full-year 2024 expense guidance to between $660 million and $680 million.
The company anticipates sharing details of its registrational program at a post-AASLD hepatitis-focused investor event. Moreover, Vir is targeting approximately 100,000 HDV patients in the U.S., aiming to improve early diagnosis and achieve a functional cure in chronic hepatitis B. These are part of the recent developments in Vir Biotechnology's operations.
InvestingPro Insights
Recent stock transactions by Vir Biotechnology's Executive Vice President and General Counsel, Vanina de Verneuil, have drawn attention to the company's financial position and market performance. According to InvestingPro data, Vir Biotechnology currently has a market capitalization of $1.33 billion, reflecting its position in the biotechnology sector.
Despite the recent insider sales, Vir Biotechnology's stock has shown significant momentum. InvestingPro data reveals a strong 26.68% return over the last week and a 24.55% return over the past month. This recent surge has brought the stock price to 73.64% of its 52-week high, suggesting renewed investor interest.
However, the company faces financial challenges. An InvestingPro Tip indicates that Vir is quickly burning through cash, which aligns with the negative gross profit of $416.93 million reported for the last twelve months as of Q3 2023. This cash burn rate is a critical factor for investors to consider, especially in the capital-intensive biotech industry.
On a positive note, another InvestingPro Tip highlights that Vir holds more cash than debt on its balance sheet, providing some financial flexibility. This is particularly important given the company's current unprofitable status, with a negative P/E ratio of -2.78.
For investors seeking a more comprehensive analysis, InvestingPro offers 11 additional tips for Vir Biotechnology, providing deeper insights into the company's financial health and market position.
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