Baird analyst Madhu Kumar downgraded Vir Biotechnology to Underperform from Neutral with an unchanged price target of $17. The stock closed Wednesday up 61% to $34.98. The shares have more than doubled in the past five business days despite an absence of significant data for the company's pipeline, Kumar tells investors in a research note. As such, Vir is now "deeply over-valued," says the analyst. Kumar is interested in the first half of 2020 Phase 1/2 results for the company's hepatitis B virus candidate VIR-2218, but believes the current the valuation "has gone well beyond even clinical success from these results." Further, Vir is nowhere close to an effective therapeutic for COVID-19, adds the analyst.