Vir Biotechnology initiated with an Outperform at Evercore ISI

Evercore ISI initiated coverage of Vir Biotechnology (VIR) with an Outperform rating and $12 price target The firm sees a “compelling asymmetric setup” for the shares. Investors are underappreciating how quickly the Vir story can turn around, the analyst tells investors in a research note. Evercore believes the company has a “differentiated” oncology pipeline and pivotal-stage rare disease asset with validated biology. However, the stock trade below its cash position, the firm points out.