JP Morgan Downgrades Vir Biotechnology: Here's What You Need To Know
Portfolio Pulse from Benzinga Insights
JP Morgan has downgraded Vir Biotechnology (NASDAQ:VIR) from its previous rating to Neutral, significantly reducing the price target from $23.00 to $9.00. Following this news, Vir Biotechnology's shares have fallen by 6.18% to $8.96. The new price target suggests a marginal increase of 0.45% from the current share price. Vir Biotechnology is a commercial-stage immunology company with a focus on infectious diseases and has multiple technology platforms and product candidates targeting various diseases.
January 29, 2024 | 5:00 pm
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NEGATIVE IMPACT
JP Morgan downgraded Vir Biotechnology to Neutral and cut the price target from $23.00 to $9.00, causing a 6.18% drop in VIR shares to $8.96.
The downgrade by JP Morgan is a direct negative sentiment towards Vir Biotechnology's stock, indicating a lower confidence in the company's future performance. This is reflected in the immediate 6.18% drop in share price. The new price target is only slightly above the current trading price, suggesting limited upside potential according to JP Morgan's analysis. Given the influence of analyst ratings on investor perception, especially from a major bank like JP Morgan, this could lead to a bearish short-term outlook for VIR shares.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100