Vir Biotechnology EVP sells shares worth $133,935

SAN FRANCISCO—Ann M. Hanly, Executive Vice President and Chief Technology Officer at Vir Biotechnology, Inc. (NASDAQ:VIR), executed a sale of 14,168 shares of common stock, according to a recent SEC filing. The shares were sold at an average price of $9.4534, totaling approximately $133,935. Following this transaction, Hanly retains ownership of 117,901 shares in the company. The transaction occurs as Vir’s stock trades near $9.16, showing a strong 29% gain year-to-date despite challenging market conditions. According to InvestingPro analysis, the company maintains a healthy balance sheet with more cash than debt, though it faces rapid cash consumption.

The transaction was an automatic sale to cover the issuer’s tax withholding and remittance obligations related to the vesting of restricted stock units. InvestingPro data reveals that Vir currently trades below its Fair Value, with 8 additional key insights and a comprehensive Pro Research Report available for subscribers seeking deeper analysis of this biotech company’s prospects.

In other recent news, Vir Biotechnology has made significant headlines with several key developments. The company announced an executive transition, appointing Maninder Hora, Ph.D., as the new Executive Vice President and Chief Technical Operations Officer, following the departure of Ann (Aine) M. Hanly, Ph.D., as disclosed in a Securities and Exchange Commission filing. On the financial front, Morgan Stanley (NYSE:MS) upgraded Vir Biotechnology’s stock rating from Equalweight to Overweight, doubling its price target to $20.00, driven by promising results from the company’s T-cell engager pipeline, particularly the VIR-5500 program targeting prostate cancer.

Goldman Sachs maintained its Buy rating for Vir Biotechnology, with a stable price target of $28.00, citing early positive signs from the company’s T-cell engager programs, which show potential differentiation in the oncology market. JPMorgan also adjusted its outlook, raising the price target to $14 while keeping a Neutral rating, following promising initial clinical data for Vir’s T-cell engagers, VIR-5818 and VIR-5500, in solid tumors and prostate cancer, respectively. These candidates have shown encouraging safety and efficacy profiles in early trials.

The company presented initial Phase 1 data indicating that VIR-5818 and VIR-5500 demonstrate promising safety and efficacy, with no dose-limiting cytokine release syndrome observed. Vir Biotechnology’s CEO, Marianne De Backer, highlighted the potential of these treatments to provide effective cancer therapies, leveraging innovative masking technology. These developments have resonated with investors, reflecting confidence in Vir Biotechnology’s strategic shift into oncology and its promising pipeline.

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