The firm said the immunology company will release new flu vaccine data in the year ahead that could drive growth for the biotech stock.
Vir Biotechnology shares can more than double going forward, according to Goldman Sachs. Analyst Paul Choi upgraded the stock to buy from neutral, and raised his price target, saying the immunology company will release new flu vaccine data in the year ahead that could drive growth for the biotech stock. Called VIR-2482, the antibody treatment offers users broad protection against flu strains that could last the entirety of a flu season, according to Vir.
The biotech stock did well during the pandemic as it developed Covid treatments ; it more than doubled in 2020, and surged more than 50% in 2021. Then, in 2022, it tumbled near 40%. In 2023, the biotech stock is slightly higher, up 1.7%, still underperforming the S & P 500. Still, the analyst expects that shares can surge this year on a post-Covid story, rising more than 105% to the analyst's 12-month price target of $53. The price target was raised from $41.
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