Vicki L. Sato, a director at Vir Biotechnology, Inc. (NASDAQ:VIR), has sold a portion of her holdings in the company. According to a recent SEC filing, Sato sold 10,960 shares of common stock at an average price of $12.52 per share, totaling approximately $137,219. The transaction comes as VIR's stock has surged over 70% in the past week, with InvestingPro data indicating the stock is currently trading above its Fair Value. Following this transaction, Sato retains ownership of 1,312,391 shares in the company. The sales were conducted under a Rule 10b5-1 trading plan, which Sato adopted on February 29, 2024. The $1.69 billion market cap company maintains a strong balance sheet with more cash than debt, and analysts have recently revised their earnings estimates upward. InvestingPro subscribers can access 13 additional investment tips for VIR, including detailed analysis of its financial health and growth prospects.
In other recent news, Vir Biotechnology has been making strides in its clinical programs. The company's investigational drugs, tobevibart and elebsiran, have been granted Breakthrough Therapy designation by the FDA and Priority Medicines designation by the EMA for the treatment of chronic hepatitis delta. These designations, based on Phase 2 SOLSTICE trial results, aim to accelerate the development and review of therapies for serious conditions with unmet medical needs.
Additionally, Vir Biotechnology's T-cell engager programs are showing promise. The company has presented initial clinical data for its in-house developed Tumor Cell Engagers (TCEs), anti-HER2 VIR-5818 and anti-PSMA VIR-5500, which have shown promising activity in solid tumor subsets. These developments have led to Goldman Sachs maintaining a Buy rating on Vir Biotechnology's stock, with a price target of $28. JPMorgan also raised Vir Biotechnology's stock target from $10 to $14, maintaining a Neutral rating.
Furthermore, the company's treatments for chronic hepatitis delta, tobevibart and elebsiran, have received a positive opinion for orphan drug designation from the EMA. This status could provide Vir Biotechnology with scientific advice, fee reductions, and a decade of market exclusivity upon approval.
Lastly, TD Cowen maintained a Buy rating on shares of Vir Biotechnology, highlighting the potential of the company's pipeline programs, particularly its treatments for hepatitis B and D. These are the recent developments for Vir Biotechnology.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.