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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.