Vir Biotechnology (NASDAQ:VIR) shares are down nearly 43% at the time of writing today after topline data from a Phase 2 study evaluating VIR-2482 in seasonal Influenza A disappointed investors.
While the drug was observed to be generally well tolerated, the trial did not achieve its primary or secondary efficacy endpoints. Further, subjects receiving the highest dose of VIR-2482 showed a 57% decrease in symptomatic influenza A illness according to CDC influenza-like-illness criteria and a non-statistically significant decrease of 16% by protocol-defined illness.
The trial included nearly 3,000 subjects and the company plans to present further analysis of the data at a major medical congress.
The results are also expected to be discussed on Vir’s second-quarter conference call on August 3. Analysts expect the company to incur a net loss per share of $1.20 for the quarter. In contrast, in the comparable year-ago period, it had posted an EPS of $3.85, outperforming expectations by $0.07.
Overall, the Street has a $49.33 consensus price target on Vir alongside a Strong Buy consensus rating. After today’s price erosion, this points to a more than massive 278.6% potential upside in the stock.
Read full Disclosure