Vir Biotechnology (VIR.US) shares rose over 8.0% on Tuesday after Goldman Sachs upgraded the immunology company to buy from neutral and lifted its price target to $53 from $41. Bank believes the stock could double, citing Vir’s release of flu vaccine data in the year ahead.
"And though the flu market expanded significantly during the COVID pandemic to $8bn with 1bn doses delivered in 2021 (+29% vs. 2019), our conservative assumptions nevertheless support 2030 risk-adjusted (60% PoS) sales of $2.3bn (vs. just $700mn for consensus)" analysts wrote.
Start investing today or test a free demo
Create account Try a demo Download mobile app Download mobile appAnalysts also pointed to "compelling risk/reward for an underappreciated catalyst with the potential to drive a major new leg of growth."
Vir Biotechnology (VIR.US) launched today's session with nearly 14.0% bullish price gap, however buyers gave back some gains later in the session as overall sentiment deteriorated further. Currently price is approaching local support at $27.00, which coincides with 23.6% Fibonacci retracement of the downward wave started in December 2021. Should break lower occur, price may move towards recent lows at $24.65 and 200 SMA (red line). Nevertheless as long as price sits above $27.00 handle, upward move have a chance to resume. Nearest resistance to watch lies at $31.60, marked by previous price reactions and lower limit of the 1:1 structure. Source: xStation5
This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
