H.C. Wainwright Reiterates Buy Rating on Vir Biotechnology (VIR)

H.C. Wainwright analyst Patrick Trucchio reiterated a Buy rating and $110.00 price target on Vir Biotechnology (NASDAQ: VIR).

The analyst commented: "Recently, Vir reported 2Q24 financial results and provided a corporate update. Highlights: (1) on June 26, the FDA cleared an Investigational New Drug (IND) application and granted Fast Track designation for the combination of tobevibart (VIR-3434), a monoclonal antibody (mAb), and elebsiran (VIR-2218), a small interfering RNA (siRNA) for the treatment of chronic hepatitis delta virus (CHD), the most aggressive form of viral hepatitis with no approved treatments in the U.S.; (2) expects to meet with regulators in 3Q24 to explore potential accelerated development paths in CHD; (3) on-track to report full 24-week treatment data from the Phase 2 trial (SOLSTICE) evaluating tobevibart plus elebsiran combination in 4Q24; (4) on-track to report 48-week end-of-treatment data from the Phase 2 trial (MARCH) evaluating tobevibart plus elebsiran combination, with or without pegylated interferon alpha (PEG-IFNα), an immunomodulator, in patients with chronic hepatitis B virus infection (CHB) in 4Q24; (5) initial data from the Phase 2 platform study (PREVAIL) and its THRIVE/STRIVE sub-protocols is expected in 1H25; (6) on August 1, Vir announced it entered into a license agreement with Sanofi (SNY; not rated) to acquire three next-generation T cell engager programs in immuno-oncology, two of which are already in Phase 1 development for the treatment of solid tumors; (7) initiated a strategic restructuring to focus on its viral hepatitis programs, while phasing out its programs in influenza, COVID-19, and its T cell-based viral vector platform, for which Vir plans to seek partnerships, especially on the influenza program; and (8) as of June 30, Vir had cash, cash equivalents and investments of approximately $1.43B. We reiterate our Buy rating and $110 price target on VIR shares."

For an analyst ratings summary and ratings history on Vir Biotechnology click here. For more ratings news on Vir Biotechnology click here.

Shares of Vir Biotechnology closed at $8.77 yesterday.

You May Also Be Interested In

• Bernstein SocGen Group Starts Terawulf Inc. (WULF) at Outperform
• Petco Health and Wellness (WOOF) Misses Q1 EPS by 6c
• RBC Capital on Veeva Systems (VEEV) Amid After Hours Selloff on Earnings: 'we are surprised to see shares trade down'