Vir Biotechnology (NASDAQ:VIR) shares hit a new 52-week low Friday after BofA Securities downgraded its rating of the stock to neutral, citing limited near-term upside.
Shares of Vir were down 6% at $10.85 at around 11:20 a.m. ET after hitting a new low of $10.58.
In a note released Friday morning, BofA said it believes upcoming trial readouts for Vir’s hepatitis B treatment candidates are “unlikely to materially change investor sentiment that could drive a re-rating.”
Despite the downgrade, BofA said it remains “bullish” on Vir’s antibody platform and sees long-term opportunity in the company’s infectious disease pipeline.
BofA added it saw multiple potential catalysts in 2024 that “could change investor sentiment,” including data from triple-drug combo regimens in Q2 2024 and Q4 2024 and updated hepatitis D clinical data in Q2 2024.
BofA lowered its price objective for Vir to $14 from $23.
Shares of Vir plunged 45% on July 20 after the company reported disappointing study data for its drug candidate to treat influenza A.