AZNCF - Vir Biotechnology: Small-Cap Player That Lets Others Do The Heavy Lifting

• Vir Biotechnology has a deep pipeline across many disease segments, reducing concentration risk in the portfolio and expanding commercial reach.
• The company has key collaborations with large players, providing long-tailed asset returns whilst partners do the heavy lifting in commercialization.
• The company has three phase 2 trials underway, expecting top-line data results in either Q4 2020 or 1H 2021, as upcoming catalysts.
• With current investor sentiment, we hold a neutral stance on the company until further visibility from efficacy and safety in the Hep-B and Influenza segments are available.
• Our valuation factors in 50% probability adjustment to the DCF outlook, where we see a range of ~16%-40% upside potential, and set a price target of $45.

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