Vir Biotechnology price target raised to $14 from $10 at JPMorgan

JPMorgan analyst Eric Joseph raised the firm’s price target on Vir Biotechnology (VIR) to $14 from $10 and keeps a Neutral rating on the shares. The firm believes initial clinical data for Vir’s in-sourced masked T-cell engager candidates support promising and potentially competitive activity profiles in key solid tumor subsets, that altogether affirm the platform as a strategically solid acquisition from Sanofi (SNY). Given the assets are still in the early phase of development via dose escalation, the firm believes it will take both a clearer sense of additional cohorts cleared for safety and numbers of evaluable subjects into the next readout for shares to sustain upside momentum.