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Vir Biotechnology EVP vanina de Verneuil sells $624 in stock

Published 04/12/2024, 20:38
VIR
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SAN FRANCISCO—Vanina de Verneuil, Executive Vice President and General Counsel at Vir Biotechnology, Inc. (NASDAQ:VIR), recently sold shares of the company's stock valued at approximately $624. The transaction, which took place on December 2, involved the sale of 76 shares at a price of $8.2201 per share. The stock has shown strong momentum recently, posting a 17% gain in the past week. According to InvestingPro analysis, VIR currently appears undervalued relative to its Fair Value.

The shares were part of an automatic sale instruction that de Verneuil entered into on May 28, 2024, as part of the company's employee stock purchase program. Following this transaction, de Verneuil holds 56,973 shares in the company. InvestingPro data reveals the company maintains a strong financial position with more cash than debt and a healthy current ratio of 8.94x.

Vir Biotechnology is a San Francisco-based life sciences company focused on developing treatments for infectious diseases. The company, with a market capitalization of $1.15 billion, has attracted attention from analysts, with 4 analysts recently revising their earnings estimates upward for the upcoming period.

In other recent news, Vir Biotechnology has been making noteworthy strides in its hepatitis programs. The company's treatments for chronic hepatitis delta, tobevibart and elebsiran, have received a positive opinion for orphan drug designation from the European Medicines Agency, reflecting the potential of these treatments for this aggressive form of chronic viral hepatitis. TD Cowen maintained its Buy rating on Vir Biotechnology, emphasizing the potential of the company's pipeline programs, particularly the promising data presented for Vir's hepatitis B and D treatments at the recent American Association for the Study of Liver Diseases meeting.

In financial developments, Vir Biotechnology reported a significant increase in R&D expenses to $195 million, mainly due to a licensing agreement with Sanofi (EPA:SASY) (NASDAQ:SNY) for three T-cell engager programs. However, SG&A expenses saw a decrease, settling at $25.7 million. The company ended the quarter with a substantial $1.19 billion in cash and equivalents.

Vir Biotechnology is also making progress with its T-cell engager programs, with Phase I trials ongoing and initial data expected in the first quarter of 2025. Furthermore, the company plans to initiate a registrational program for the hepatitis delta virus in 2025. These recent developments underscore Vir Biotechnology's commitment to advancing its clinical programs, particularly in the areas of oncology and hepatitis.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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