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Vir Biotechnology, Inc. (VIR) Stock Soaring in the Pre-Market Despite any Clear Cause

Vir Biotechnology, Inc. (VIR) is a late-stage biotherapeutics company aimed at the combination of immunologic insights with novel technologies for treating serious infectious diseases. The company’s lead developmental candidates include VIR-2218, VIR-3434 for treating hepatitis B, VIR-2482 for treating influenza, VIR-1111 for treating HIV, and VIR-2020 for treating tuberculosis.

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The price of VIR during the regular trading on January 12, 2022, with an incline of 15.07% was $40.01. At last check in the pre-market, the stock was further up by 5.00%.

VIR: Events and Happenings

On January 11, 2022, VIR reported about the acquisition of supplementary 600,000 doses of sotrovimab (used in the early treatment of COVID-19) by the US government. Their delivery will start from the first quarter of 2022. On January 04, 2022, VIR reported that the company’s Executives presented at the Virtual 40th Annual J.P. Morgan Healthcare Conference held on January 11, 2022.

On December 17, 2021, VIR reported about the grant of marketing authorization rights of sotrovimab by the European Commission. Sotrovimab was authorized in the European Union for treating adults and adolescents. On December 14, 2021, VIR reported about the publication of preclinical data in bioRxiv, determining the effect of the substantial antigenic shift of the Omicron variant of COVID-19. A notable drop in plasma neutralizing activity was detected for Omicron.

On December 09, 2021, VIR reported that the preliminary patient had been dosed for Phase 2 clinical studies in collaboration with Gilead Sciences, Inc., assessing the therapeutic combinations for the cure of chronic hepatitis B viral infection. On December 07, 2021, VIR reported that the company’s Executives hosted a conference on December 7, 2021, to debate upon the preclinical studies that demonstrated sotrovimab retained activity in the spike protein of the Omicron variant.

VIR: Key Financials

On November 04, 2021, VIR announced its financial results for the third quarter ended September 30, 2021. Some of the key updates are as follows.

Revenue

Total revenues for the third quarter of 2021 were $103.6 million as compared to $1.9 million for the same quarter in the prior year.

Net Income/Loss per Share

Basic and diluted net income for third-quarter 2021 was $110.4 million, or $0.85 per share (basic) and $0.82 per share (diluted), as compared to a net loss of $84.6 million, or $0.67 per share for the same period of 2020.

Conclusion

VIR stock is 10% up the past six months. The current pre-market surge in the stock is due to uncertain market conditions which positively impacted the stock price of the company. The analysts are believing it to be a good sign for the investment in the company and it shows the interest of the stockholders in the company’s strategies.

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