VIR - Vir Biotech upgraded at Baird citing recent weakness

Baird has upgraded Vir Biotechnology (VIR +0.3%), the partner of GlaxoSmithKline (NYSE:GSK) in the development of COVID-19 therapy sotrovimab, to Neutral from Underperform, citing the recent decline in its shares. The team argues that after the recent weakness of company shares “market is now pricing in minimal new sales of sotrovimab leaving VIR as fairly valued.” The decision by the analysts led by Joel L. Beatty comes days after the U.S. Food and Drug Administration (FDA) advised against the use of the therapy in certain areas where there are COVID-19 variants that are not susceptible to the drug. While taking it into account, the analysts project a relatively low sales estimate for sotrovimab, and highlight the uncertain prospects in its value amid changing dynamic of COVID-19. The price target lowered to $28 from $36 per share indicates a premium of ~16% to the last closing price of the stock. With over

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Vir Biotech upgraded at Baird citing recent weakness