Needham reiterated a Buy rating and $14 price target on Vir Biotechnology (VIR), saying that Mirum’s (MIRM) announced takeover of Bluejay Therapeutics is a positive readthrough to Vir. The firm believes this given its view that Vir’s elebsiran/tobevibart profile is better than Bluejay and Gilead (GILD); the deal signals very high interest in the Hepatitis Delta Virus commercial opportunity, and; the deal size is quite favorable for a potentially third-to-market asset. The firm anticipates Vir to trade up Monday on the news and believes the company’s HDV program is underappreciated by investors and not adequately reflected in the stock at current levels.
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