Vir Biotechnology stock surges on upbeat vaccine news

Vir Biotechnology (VIR.US) stock soars more than 14.0% after the drugmaker announced that recent data regarding its Covid-19 antibody therapy, which was developed in cooperation with GlaxoSmithKline (GSK.UK), showed positive effects against the omicron strain.

Vir Biotechnology (VIR.US) stock has been trading in a sideways move with some downside recently. However following positive news regarding the vaccine, stock launched today's session with a bullish price gap, nevertheless buyers failed to break above the upper limit of the consolidation zone around $54.15. As long as the price sits below, another downward impulse towards support at $34.30 may be launched. On the other hand, if bulls will manage to break above the aforementioned resistance, then upward move may accelerate towards $67.50, where March highs are located. Source: xStation5