Vir Biotechnology Inc. (NASDAQ:VIR) reported better-than-expected fourth-quarter earnings, anounced a significant strategic collaboration with Astellas Pharma Inc. (OTC:ALPMF) (OTC:ALPMY), and also disclosed early study results for VIR-5500.
Vir Biotechnology reported a fourth-quarter loss of 31 cents, beating the consensus loss of 41 cents. Sales reached $64.07 million, surpassing the consensus of $23.18 million.
The partnership with the Japanese drugmaker announced on Monday aims to advance VIR-5500, an investigational treatment for prostate cancer, which is expected to enhance the company’s oncology pipeline as it seeks to address a critical area in cancer treatment to advance PSMA targeting.
On Monday, Vir Biotechnology shared new data from the ongoing Phase 1 VIR-5500 trial for advanced metastatic castration-resistant prostate cancer (mCRPC) patients who have progressed after multiple lines of therapy.
Vir Biotechnology shares gained 30.3% to trade at $9.68 on Tuesday.
These analysts made changes to their price targets on Vir Biotechnology following the announcements.
- Needham analyst Joseph Stringer maintained Vir Biotechnology with a Buy and raised the price target from $14 to $18.
- Evercore ISI Group analyst Cory Kasimov maintained the stock with an Outperform rating and raised the price target from $12 to $18.
- Morgan Stanley analyst Michelle Gilson maintained Vir Biotechnology with an Overweight rating and raised the price target from $20 to $24.
Considering buying VIR stock? Here’s what analysts think:
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