Commercial-stage immunology company Vir Biotechnology, Inc. (NASDAQ:VIR) recently announced that its SARS-CoV-2 neutralizing monoclonal antibody, developed in collaboration with GlaxoSmithKline, has received marketing authorization from the European Commission (EC).
Following the news, shares of the company declined 0.20% to close at $53.74 in Friday’s extended trading session.
Strategic Impact
A Joint Procurement Agreement (JPA) between GSK, Vir and the EC was signed in July 2021 to supply up to 220,000 doses of sotrovimab.
The grant of the marketing authorization will now allow European Union (EU) member states participating in the JPA to order sotrovimab to support their pandemic responses.
Management Commentary
The CEO of Vir, George Scangos, Ph.D., said, “The grant of the marketing authorization in the European Union for sotrovimab marks yet another important milestone in our efforts to combat COVID-19, as it allows us to expand access across multiple countries working to address this challenge.”
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Price Target
H.C. Wainwright analyst Patrick Trucchio reiterated a Buy rating on the stock with a price target of $200, which implies upside potential of 270.9% from current levels.
The Street is cautiously optimistic about the stock with a Moderate Buy consensus rating based on 2 Buys and 4 Holds. The average Vir price target of $81.83 implies that the stock has upside potential of 51.8% from current levels. Shares have gained about 74.2% over the past year.
Bloggers’ Opinion
TipRanks data shows that financial blogger opinions are 100% Bullish on the stock, compared to the sector average of 70%.
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