Shares of Vir Biotechnology (NASDAQ: VIR) are under pressure after the company's third-quarter earnings report. Investors unimpressed with the biotech's progress selling a COVID-19 treatment pushed the stock 14.9% lower as of 2:18 p.m. on Friday.
Vir Biotechnology reported significant progress increasing access to sotrovimab, an intravenously administered antibody treatment the Food and Drug Administration authorized in May. In partnership with GlaxoSmithKline (NYSE: GSK) , Vir Biotechnology has secured binding agreements for the sale of 420,000 doses of sotrovimab worldwide.
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Why Vir Biotechnology Stock Is Sliding Today