Vir Biotechnology shares are trading lower after JP Morgan downgraded the stock from Overweight to Neutral and lowered its price target from $23 to $9.
Portfolio Pulse from Benzinga Newsdesk
Vir Biotechnology's stock is trading lower following a downgrade by JP Morgan from Overweight to Neutral, with a reduced price target from $23 to $9.
January 29, 2024 | 2:42 pm
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NEGATIVE IMPACT
Vir Biotechnology's stock price is expected to face downward pressure in the short term due to JP Morgan's downgrade and significant price target reduction.
Analyst downgrades typically lead to a negative short-term reaction in the stock market as they suggest a less favorable outlook for the company. The substantial cut in the price target from $23 to $9 by a major financial institution like JP Morgan is likely to erode investor confidence and could result in a sell-off of VIR shares.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100