Vir Biotech gains as JP Morgan raises to 'overweight'

Vir Biotechnology

06/03/2023 15:42

(Updates)
    ** Shares of drugmaker Vir Biotechnology  VIR.O  rise as
much as 7% to $24.45 in early trade before paring gains  
    ** J.P. Morgan raises rating on VIR from "neutral" to
"overweight" as brokerage expects hepatitis B and flu candidates
to drive growth in the long-term 
    ** Brokerage optimistic for data from VIR's influenza A
candidate VIR-2482, expected in mid-2023, after early-stage data
from the candidate showed protection against influenza A and a
favorable safety profile  
    ** JPM believes VIR's candidate targets the older, high-risk
adult population, which remains underserved by currently
approved flu vaccines 
    ** Brokerage also says VIR's candidate can maintain broad
flu strain coverage and bypass the annual strain-dependent
efficacy challenges faced by currently approved vaccines 
    ** JPM expects VIR-2482 to make $1.8 billion in peak sales
in the United States, assuming a 25% penetration of the older,
at-risk population and a gross pricing of $600 per seasonal
course of treatment
    ** Expects data in H2 2023 from VIR's hepatitis B antibody
candidates, VIR-2218 and VIR-3434, to drive additional growth
for co
    ** As of last close, VIR down ~10% so far this year 

 (Reporting by Bhanvi Satija in Bengaluru)
 ((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91
9873062788;))