Vir Biotechnology upgraded to Overweight from Equal Weight at Morgan Stanley

Morgan Stanley analyst Michael Ulz upgraded Vir Biotechnology (VIR) to Overweight from Equal Weight with a price target of $20, up from $10. The early Phase 1 data for the company’s T-cell engagers platform in metastatic castration-resistant prostate cancer and solid tumors demonstrated favorable tolerability and promising signs of activity at low doses in heavily pretreated patients, the analyst tells investors in a research note. The firm believes the initial data provide “early platform de-risking” and sees potential for activity to improve as dose escalation continues. Morgan Stanley says both Vir’s programs are well tolerated, suggesting a “wide therapeutic index, supportive of continued does escalation and less frequent dosing.”