- SVB Leerink initiated coverage on Vir Biotechnology Inc (NASDAQ:VIR) with an Outperform rating and a price target of $40, with an investment thesis based on:
- With multiple clinic programs, Vir is well-positioned as a leading infectious disease & commercial-stage biopharma company.
- Vir developed and globally distributed its first generation COVID-19 antiviral, sotrovimab (Xevudy), and received repeat US government contracts.
- Xevudy generated around $2.6 billion in revenues that could provide robust funds to support Vir’s multiple clinical development efforts without the need for any near-term capital.
- Vir is developing next-gen COVID-19 antibodies like VIR-7832 with potentially greater potency and broader coverage against new COVID-19 variants. The analyst forecasts peak non-risk adjusted sales of ~$360 million in 2026E for VIR-7832.
- Different combinations of Vir’s HBV assets and forecasts peak non-risk adjusted HBV sales of ~$2.8 billion in 2031E for Vir’s potential final HBV combination regimen.
- Additional data could validate Vir’s early-stage influenza and HIV programs.
- Also Read: Vir Biotech Shuns FDA Submission Plans For GSK-Partnered COVID-19 Treatment.
- Price Action: VIR shares are up 2.87% at $21.16 on the last check Wednesday.
Dow Gains Over 50 Points; Caterpillar Earnings Top Expectations
U.S. stocks were mixed toward the end of trading, with the Dow Jones gaining over 50 points on Tuesday.
The Dow traded up 0.18% to 35,624.60 while the NASDAQ fell 0.30% to 14,303.63. The S&P 500, also fell, dropping, 0.17% to 4,580.98.
