** H.C. Wainwright starts coverage on biotech firm Virax Biolabs VRAX.O with a "buy" rating and $3 PT, implying a more than twofold upside to stock's last close
** VRAX has an "attractive market opportunity" in post-acute infection syndromes (PAIS) diagnostics, with long COVID potentially contributing to a "hundreds of millions of dollars" market, says brokerage
** PAIS refers to chronic illnesses that occur after an infection, causing prolonged symptoms such as fatigue, pain and cognitive issues
** ViraxImmune, a diagnostic test, is being developed to detect T-cell dysfunction in PAIS, including long COVID, with UK clinical validation study underway, brokerage says
** The test shows promise in evaluating immune status in chronic conditions, with "significant changes" in cytokine levels, which are small proteins that help immune cells communicate, in PAIS patients - H.C. Wainwright
** Over 16 million U.S. and UK patients are affected by long COVID, and 0.5 million may be diagnosed with Lyme disease annually, creating a large market for ViraxImmune - brokerage
(Reporting by Kamal Choudhury in Bengaluru)
((Kamal.Choudhury@thomsonreuters.com;))
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