Shares of Vir Biotechnology (NASDAQ: VIR) are dropping sharply on Thursday despite the drugmaker not reporting any news. We can probably attribute the stock's decline to a Wall Street analyst deciding to lower his price target on Vir Biotechnology. As of 12:23 p.m. EST, shares of the company were down by 12%, after falling by as much as 16.2% earlier in the session.
Goldman Sachs analyst Paul Choi lowered his price target on Vir Biotechnology from $61 to $59. The analyst did keep a buy rating on the stock. But this development piles on the bad news that Vir Biotechnology released yesterday. As a reminder, Vir Biotechnology and its partner GlaxoSmithKline are taking part in the Accelerating COVID-19 Therapeutic Interventions and Vaccines (ACTIV) Program, an initiative led by the U.S. National Institutes of Health (NIH).
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Why Vir Biotechnology Stock Is Falling Today