Vir Biotechnology, Inc. (NASDAQ: VIR) saw its stock price soar 5.74% on Thursday, November 1st, following an analyst rating reaffirmation and the company's latest earnings report. The surge came despite Vir reporting a larger quarterly loss than expected.

In a report released on October 31st, TD Cowen analyst Phil Nadeau maintained a "Buy" rating on Vir Biotechnology shares, citing the company's strong pipeline and long-term growth prospects. This positive analyst signal appears to have outweighed concerns over Vir's mixed Q3 earnings results.

For the quarter ended January 1, Vir reported an adjusted loss of $1.56 per share, wider than analysts' expectations of a $1.05 per share loss. However, the company's revenue of $2.38 million, while down 9.8% year-over-year, still came in ahead of some estimates. Vir's shares have declined 24.5% so far this year but gained 1.5% in the latest quarter.