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Vir Biotechnology, Inc. (VIR) Soars 15.1%: Is Further Upside Left in the Stock?

Vir Biotechnology, Inc. (VIR) was a big mover last session on higher-than-average trading volume. The latest trend in earnings estimate revisions might help the stock continue moving higher in the...

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This story originally appeared on Zacks

Vir Biotechnology, Inc. VIR shares rallied 15.1% in the last trading session to close at $40.01. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 24.5% loss over the past four weeks.

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Shares of Vir Biotechnology have been surging consistently, after it signed an agreement with the U.S. government to supply an additional 600,000 doses of their monoclonal antibody, sotrovimab, throughout the first quarter of 2022, for early treatment of COVID-19. The signing of such an agreement is beneficial to a small but growing pharma company like Vir, whose current revenue source is the supply of sotrovimab doses.

This company is expected to post quarterly earnings of $1.08 per share in its upcoming report, which represents a year-over-year change of +230.1%. Revenues are expected to be $214.71 million, up 12310.7% from the year-ago quarter.

While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

For Vir Biotechnology, Inc., the consensus EPS estimate for the quarter has been revised 1050.6% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on VIR going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank 1 (Strong Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>



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