Vir Biotechnology (VIR) Stock Soars on Early Omicron Testing Data

December 2, 2021 6:03 AM EST
Get Alerts VIR Hot Sheet
Price: $33.46 +0.97%

Rating Summary:
    5 Buy, 2 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 25 | Down: 19 | New: 35
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Shares of Vir Biotechnology (NASDAQ: VIR) are up nearly 9% after the company said that preliminary data shows that its sotrovimab cocktail, developed together with GlaxoSmithKline plc (NYSE: GSK), retains activity against Omicron.

Two companies said that sotrovimab showed it can protect against “all tested variants of concern”. VIR and GSK are now completing vitro pseudo-virus testing to confirm the cocktail’s protection against Omicron.

George Scangos, Ph.D., Chief Executive Officer of Vir, commented: “Sotrovimab was deliberately designed with a mutating virus in mind. By targeting a highly conserved region of the spike protein that is less likely to mutate, we hoped to address both the current SARS-CoV-2 virus and future variants that we expected would be inevitable."

Vir Biotechnology stock is up about 50% in recent days as investors bet sotrovimab can generate high sales as the world’s leading pharma companies race to offer protection against highly-mutated COVID variants.

A few days ago, H.C. Wainwright analyst Patrick Trucchio raised the price target on Vir Biotechnology to $200.00 (from $135.00) while maintaining a Buy rating. The new price target signals of over 300%.

"Several recent updates suggest to us that Vir and its collaboration partner GlaxoSmithKline (GSK; not rated) are likely to maintain a top-tier COVID-19 antiviral franchise, led at first by sotrovimab, an FDA EUA-authorized investigational single-dose intravenous (IV) infusion SARS-CoV-2 monoclonal antibody (mAb), for the foreseeable future,” the analyst said in a note.

VIR shares are trading more than 75% in the green YTD.

VIR stock is indicated to open at $51.00 today.

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