Vir Biotechnology initiated with an Outperform at Raymond James

Raymond James analyst Sean McCutcheon initiated coverage of Vir Biotechnology (VIR) with an Outperform rating and $12 price target Vir’s VIR-5500 shows “compelling” early Phase 1 data in heavily treated metastatic castration-resistant prostate cancer patients, and VIR-5500 is well-positioned to capture share in the large and growing mCRPC market, the analyst tells investors in a research note. The firm’s constructive view is balanced by competitive headwinds in prostate cancer, as well as the company’s high burn rate and need for additional financing to bring VIR-5500 through pivotal studies.