Here is why Vir Biotechnology Inc. (VIR) stock performed well on Wednesday?

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Vir Biotechnology Inc. shares surged 6.26% in after-hours on Wednesday, December 15, 2021, and closed the trading at $54.85. Even in the regular trading session, VIR’s stock gained 12.14%. VIR shares have risen 56.38% over the last 12 months, and they have moved up 23.23% in the past week. Over the past three months, the stock has lost 1.88%, while over the past six months, it has soared 17.80%.

Let’s discuss its recent news and developments.


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VIR demonstrated a significant antigenic shift in Omicron

on December 14, 2021, Vir Biotechnology, Inc. announced new preclinical data, published to the preprint server bioRxiv, demonstrating the impact of the significant antigenic shift of the new SARS-CoV-2 Omicron variant (B.1.1.529). A significant reduction in plasma neutralizing activity was observed against Omicron in sera from vaccinated and convalescent individuals. Data demonstrated that sotrovimab and five other preclinical mAbs, developed by Vir in conjunction with GlaxoSmithKline, retained their in vitro neutralizing activity against Omicron. Sotrovimab is an investigational SARS-CoV-2 neutralizing monoclonal antibody.

VIR initiated Phase 2 Clinical Trial of Selgantolimod and Nivolumab

On December 09, 2021, Vir Biotechnology, Inc. announced that the first patient has been dosed in Phase 2 clinical trial evaluating novel therapeutic combinations for the treatment of chronic hepatitis B virus (HBV) infection.

The company is conducting the trial in collaboration with Gilead Sciences, Inc., is assessing various combinations of VIR-2218. Patients with HBV treatment experience also may receive tenofovir alafenamide fumarate (TAF).

The Phase 2 clinical trial is designed to evaluate the safety, tolerability, and efficacy of various combinations of VIR-2218.

VIR sotrovimab retains in vitro activity against Omicron

On December 07, 2021, GlaxoSmithKline plc (GSK) and Vir Biotechnology, Inc. provided an update to preclinical data, demonstrating that sotrovimab, an investigational monoclonal antibody, retains in vitro activity against the full known Omicron spike protein, the new SARS-CoV-2 variant (B.1.1.529). The preclinical data was generated through pseudo-virus testing of the combined known mutations of the Omicron variant, which included the maximum number of changes (37 mutations) identified to date in the spike protein.

U.S govt contract to buy sotrovimab

On November 17, 2021, GlaxoSmithKline plc (GSK) and Vir Biotechnology, Inc announced that US government contracts totaling approximately $1 billion to purchase sotrovimab, which the US Food and Drug Administration granted Emergency Use Authorization (EUA) in May 2021. GSK will supply these doses to the US government by December 17, 2021, enabling further expanded nationwide access to sotrovimab for patients.

Conclusion

The stock may be surging due to the recent update provided by the company about the Omicron variant and we can see it continuing its momentum on Thursday as well.

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