On the fly News and insights, exclusive to thefly.com

VIR

Vir Biotechnology

$40.02 /

-17.78 (-30.76%)

, GSK

GlaxoSmithKline

$34.18 /

+0.09 (+0.26%)

11:37
03/03/21
03/03
11:37
03/03/21
11:37

Vir Biotechnology selloff a 'terrific buying opportunity,' says H.C. Wainwright

H.C. Wainwright analyst Patrick Trucchio views the selloff today in shares of Vir Biotechnology (VIR) on the ACTIV-3 update as overdone. The stock in late morning trading is down 31%, or $18.15, to $39.59. Vir and partner GlaxoSmithKline (GSK) this morning provided an update on the VIR-7831 arm of the National Institutes of Health's Accelerating COVID-19 Therapeutic Interventions and Vaccines, or ACTIV Program Phase 3, clinical trial. Although VIR-7831 met initial pre-specified criteria to continue to the next phase of the ACTIV-3 trial and there were no reported safety signals, sensitivity analyses of the available data raised concerns about the magnitude of potential benefit, Trucchio tells investors in a research note. As such, the independent Data and Safety Monitoring Board has recommended that the VIR-7831 arm of the trial be closed to enrollment while the data mature. The outcome is unsurprising given that antiviral treatments are unlikely to be helpful in patients with advanced disease, and today's news is consistent with what we have been seeing with other programs, says Trucchio. The analyst sees a "terrific buying opportunity" ahead of the Phase 3 trial update evaluating VIR-7381 in early disease, specifically in the at-risk patient groups for which he believes VIR-7831 is likely to be most effective. He keeps a Buy rating on Vir shares with a $125 price target.

VIR

Vir Biotechnology

$40.02 /

-17.78 (-30.76%)

GSK

GlaxoSmithKline

$34.18 /

+0.09 (+0.26%)

  • 16

    Mar

  • 08

    Jul

VIR Vir Biotechnology
$40.02 /

-17.78 (-30.76%)

02/25/21 Barclays
Vir Biotechnology price target raised to $77 from $61 at Barclays
01/27/21 JPMorgan
Vir Biotechnology added to analyst focus list as short idea at JPMorgan
01/27/21 H.C. Wainwright
Vir collaboration gives H.C. Wainwright more confidence in COVID-19 program
01/27/21 JPMorgan
Vir Biotechnology downgraded to Underweight after 70% rally at JPMorgan
GSK GlaxoSmithKline
$34.18 /

+0.09 (+0.26%)

02/12/21 Morgan Stanley
GlaxoSmithKline price target lowered to 1,580 GBp at Morgan Stanley
02/11/21 Berenberg
GlaxoSmithKline price target lowered to 1,570 GBp from 1,720 GBp at Berenberg
02/09/21 JPMorgan
GlaxoSmithKline price target lowered to 1,300 GBp from 1,500 GBp at JPMorgan
02/08/21 UBS
GlaxoSmithKline price target lowered to 1,320 GBp from 1,450 GBp at UBS

Get Full Fly Access

Breaking market intelligence sent straight to you
Our team of experts analyze every news story and filter out the noise to deliver real-time market moving news.
Up-to-date information on important industry events
Get real-time updates on events that are moving the market—from conferences and calls to syndicate announcements.
News focused on the companies in your portfolio
Create up to 12 portfolios with 150 stocks each, and see how active they are in market news.