Vir Biotechnology's HDV Program: A Promising Investment Opportunity Amidst Market UnderappreciationWe believe VIR's HDV asset (elebsiran + tobevibart) has a best-in-class profile, supported by Ph2 data recently disclosed at the Nov 2025 AASLD meeting (note). We view the Bluejay acquisition as a positive readthrough to VIR given our view that 1) VIR's elebsiran/tobevibart profile is better than the deal, in addition to GILD's push to re-sbumit the bulevirtide sNDA (expected approval in 2026), signals very high interest in the HDV commercial opportunity in our view (MIRM ests. $750M+ in brelovitug peak revenue), and 3) the deal size is quite favorable for a potentially 3rd-to-market asset, in our view. We anticipate VIR to trade up today on the news and believe the company's HDV program is underappreciated by investors and is not adequately reflected in the stock (even with risk-adjusted revenues) at current levels.