VIR - Vir Bio cut to Underperform at Baird analyst sees Omicron variant 'difficult to capitalize'

Baird analyst Joel Beatty downgraded Vir Biotechnology (NASDAQ:VIR) to Underperform from Neutral with a price target of $36. VIR shares down 2.3% premarket to $50. The stock has gained around 56% since late November following the first reports of Omicron variant. However, Betty believes that are several factors that will make it difficult for Vir to capitalize on the Omicron wave now spreading across U.S. Earlier this month, Vir Biotechnology (VIR) reported that its COVID-19 antibody sotrovimab retains activity against Omicron mutations. Also, HC Wainwright raised the target on Vir Bio to $300 from $200; maintains buy rating. Quant and Wall Street Analysts Rating, both are Bullish with average PT of $77.14.

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Vir Bio cut to Underperform at Baird, analyst sees Omicron variant 'difficult to capitalize'