Vir hits record low as BofA downgrades to 'neutral'

Vir Biotechnology

08/09/2023 16:12

** Vir Biotechnology's shares  VIR.O  slump as much as 8.5%
to a record low of $10.58 after BofA Securities downgrades co's
stock to "neutral" from "buy"
    ** Brokerage also cuts PT to $14 from $23 following
"underwhelming" data on antibody therapies against both
influenza A and hepatitis B virus, and commercial launch of the
products "likely years away"
    ** BofA still remains bullish on Vir's antibody platform and
long-term opportunity for the company
    ** "We believe that its negative enterprise value offers
some downside protection" - BofA
    ** 7 of 9 brokerages rate the stock "buy" or higher, 2
"hold"; their median PT is $23.5
    ** Stock down 56.6% YTD, including session's move, compared
to a 2.7% decline in the Nasdaq Biotechnology index  .NBI 

 (Reporting by Leroy Leo in Bengaluru)
 ((Leroy.Dsouza@thomsonreuters.com ; https://twitter.com/LeroyLeo7;))