Vir Biotechnology (NASDAQ:VIR) shares are down nearly 43% at the time of writing today after topline data from a Phase 2 study evaluating VIR-2482 in seasonal Influenza A disappointed investors.
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While the drug was observed to be generally well tolerated, the trial did not achieve its primary or secondary efficacy endpoints. Further, subjects receiving the highest dose of VIR-2482 showed a 57% decrease in symptomatic influenza A illness according to CDC influenza-like-illness criteria and a non-statistically significant decrease of 16% by protocol-defined illness.
The trial included nearly 3,000 subjects and the company plans to present further analysis of the data at a major medical congress.
The results are also expected to be discussed on Vir’s second-quarter conference call on August 3. Analysts expect the company to incur a net loss per share of $1.20 for the quarter. In contrast, in the comparable year-ago period, it had posted an EPS of $3.85, outperforming expectations by $0.07.
Overall, the Street has a $49.33 consensus price target on Vir alongside a Strong Buy consensus rating. After today’s price erosion, this points to a more than massive 278.6% potential upside in the stock.
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