Vir Biotechnology (NASDAQ:VIR) Shares Climb 6.1% - Here's Why

Key Points

• Vir Biotechnology shares rose 6.1% to about $11.80, although trading volume was 96% below the daily average.
• The FDA granted Fast Track designation to VIR-5500, the company’s prostate-cancer treatment developed with Astellas, while Vir also appointed David Liu as chief medical officer.
• Analyst sentiment remains mixed: HC Wainwright raised its target to $22 and maintained a Buy rating, but Zacks downgraded the stock to Strong Sell; investors are also awaiting Phase 2 hepatitis D data.

Vir Biotechnology, Inc. (NASDAQ:VIR - Get Free Report)'s share price traded up 6.1% during mid-day trading on Friday. The company traded as high as $11.53 and last traded at $11.8030. 104,131 shares traded hands during mid-day trading, a decline of 96% from the average daily volume of 2,422,785 shares. The stock had previously closed at $11.12.

Vir Biotechnology News Summary

Here are the key news stories impacting Vir Biotechnology this week:

• Positive Sentiment: The FDA granted Fast Track designation to VIR-5500, Vir Biotechnology and Astellas Pharma’s PSMA-targeted Pro-XTEN® dual-masked T-cell engager, for prostate cancer. Fast Track status can facilitate closer communication with regulators and potentially accelerate development and review, strengthening the investment case for Vir’s oncology pipeline. FDA Fast Track designation for VIR-5500
• Positive Sentiment: Vir appointed David Liu as executive vice president and chief medical officer, effective October 12. The addition of a new senior clinical leader may support execution across VIR-5500 and the company’s broader development programs. Appointment of David Liu
• Positive Sentiment: HC Wainwright reiterated its Buy rating and $22 price target, implying substantial potential appreciation relative to recent trading levels. The firm improved its FY2030 EPS forecast to a loss of $0.29 per share from a loss of $0.34, signaling expectations for improving long-term profitability. HC Wainwright forecast for Vir Biotechnology
• Neutral Sentiment: Investors are awaiting SOLSTICE Phase 2 hepatitis D virus data. Results could materially influence the company’s valuation by providing evidence for Vir’s infectious-disease pipeline, but the outcome remains uncertain. SOLSTICE Phase 2 data outlook
• Negative Sentiment: HC Wainwright modestly reduced its FY2028 and FY2029 EPS forecasts to losses of $1.71 and $1.26 per share, respectively. The changes are small, and the firm retained its Buy rating, but they highlight that Vir is still expected to remain unprofitable over the next several years.
• Negative Sentiment: Zacks Research downgraded Vir Biotechnology from Hold to Strong Sell, creating a more cautious counterpoint to HC Wainwright’s bullish view and potentially limiting investor enthusiasm.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. HC Wainwright raised their target price on shares of Vir Biotechnology from $20.00 to $22.00 and gave the company a "buy" rating in a research report on Wednesday. Weiss Ratings reiterated a "sell (d-)" rating on shares of Vir Biotechnology in a research note on Friday, October 2nd. Raymond James Financial reissued a "strong-buy" rating on shares of Vir Biotechnology in a report on Monday, September 28th. Morgan Stanley set a $25.00 price objective on Vir Biotechnology in a research report on Thursday, August 6th. Finally, Wall Street Zen raised Vir Biotechnology from a "sell" rating to a "hold" rating in a report on Saturday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $21.86.

Vir Biotechnology Stock Performance

The stock's 50 day moving average price is $10.41 and its 200 day moving average price is $9.78. The company has a market capitalization of $1.99 billion, a P/E ratio of -6.30 and a beta of 1.59.

Vir Biotechnology (NASDAQ:VIR - Get Free Report) last released its earnings results on Wednesday, August 5th. The company reported $0.47 EPS for the quarter, topping the consensus estimate of $0.33 by $0.14. The business had revenue of $238.95 million for the quarter, compared to analyst estimates of $135.88 million. The company's revenue for the quarter was up 19582.5% on a year-over-year basis. During the same period in the prior year, the business earned ($0.80) EPS. On average, analysts expect that Vir Biotechnology, Inc. will post -1.84 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Vir Biotechnology

A number of institutional investors and hedge funds have recently made changes to their positions in the business. ADAR1 Capital Management LLC purchased a new stake in shares of Vir Biotechnology during the second quarter valued at approximately $25,034,000. Parkman Healthcare Partners LLC bought a new position in shares of Vir Biotechnology in the second quarter worth approximately $4,843,000. ARCH Venture Management LLC purchased a new position in shares of Vir Biotechnology in the second quarter worth $129,353,521. Pictet Asset Management Holding SA increased its stake in shares of Vir Biotechnology by 10,878.9% in the first quarter. Pictet Asset Management Holding SA now owns 1,480,828 shares of the company's stock worth $13,268,000 after buying an additional 1,467,340 shares during the period. Finally, Candriam S.C.A. raised its holdings in Vir Biotechnology by 10.1% during the 1st quarter. Candriam S.C.A. now owns 1,135,763 shares of the company's stock valued at $10,176,000 after buying an additional 104,100 shares during the last quarter. Institutional investors and hedge funds own 65.32% of the company's stock.

About Vir Biotechnology

Vir Biotechnology, Inc is a clinical-stage immunology company focused on developing treatments and preventive therapies for serious infectious diseases. The company uses immunologic insights, antibody technology, cellular approaches and other scientific platforms to address diseases in which the immune system plays a central role.

Vir's research and development programs have included therapies for chronic hepatitis B, influenza, human immunodeficiency virus (HIV) and COVID-19. Its pipeline has included investigational antibody and immunomodulatory candidates such as tobevibart and elebsiran for hepatitis B, as well as programs designed to prevent or treat other viral infections.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.