Vir Biotechnology, Inc. (VIR) stock surged 5.83% intraday on Friday, outperforming the broader market, after Morgan Stanley upgraded the biopharmaceutical company and raised its price target citing promising early-stage trial data for VIR's T-cell engager (TCE) technology drug candidates.
According to Morgan Stanley, VIR's TCE technology drugs VIR-5818 and VIR-5500 showed a compelling response in treating patients with various solid tumors during early-stage trials. Notably, the drugs did not cause high-grade cytokine release syndrome (CRS), a potentially dangerous side effect, supporting the potential for higher and less frequent dosing.
The brokerage upgraded VIR to "overweight" from "equal-weight" and raised its price target to $20 from $10, representing a 60.3% upside from the stock's previous close. Seven out of nine brokerages now rate VIR as a "buy" or higher, with a median price target of $20.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.