Vir Biotechnology, Inc. (VIR) stock surged 5.83% intraday on Friday, outperforming the broader market, after Morgan Stanley upgraded the biopharmaceutical company and raised its price target citing promising early-stage trial data for VIR's T-cell engager (TCE) technology drug candidates.

According to Morgan Stanley, VIR's TCE technology drugs VIR-5818 and VIR-5500 showed a compelling response in treating patients with various solid tumors during early-stage trials. Notably, the drugs did not cause high-grade cytokine release syndrome (CRS), a potentially dangerous side effect, supporting the potential for higher and less frequent dosing.

The brokerage upgraded VIR to "overweight" from "equal-weight" and raised its price target to $20 from $10, representing a 60.3% upside from the stock's previous close. Seven out of nine brokerages now rate VIR as a "buy" or higher, with a median price target of $20.