Vir Biotechnology Provides Some Hope For Its Beleaguered Shareholders

seekingalpha05-04

Vir Biotechnology, Inc. reported its first-quarter earnings after the bell on Thursday, giving its shareholders some positive tidbits.The company continues to have a cash balance higher than the stock...

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Morsa Images Vir Biotechnology, Inc. (NASDAQ:VIR) posted first quarter results after the bell on Thursday. The report contained some positive tidbits for its long-beleaguered shareholders, and it was more than enough for me to maintain my stake in this small-cap biotech firm, despite its numerous stumbles, via covered call holdings. The latest of these setbacks occurred last summer, when Vir's monoclonal antibody, which was targeted at the prevention of influenza A, did not meet its primary endpoint.   Seeking Alpha This San Francisco-headquartered firm is focused on developing therapeutic products to treat and prevent serious infectious diseases. Currently, the stock trades just north of nine bucks a share and sports an approximate market capitalization of $1.25 billion. Vir Biotechnology posted a GAAP loss of 48 cents a share, less than half the loss the consensus was expecting. Revenues came in at just over $56 million, around $45 million above expectations. However, both of these figures were solely due to Vir Biotechnology recognizing deferred revenue related to the expiry of GSK, Inc. (GSK) rights to select up to two additional non-influenza target pathogens. Vir Biotechnology partnered with GSK on an approved Covid-19 therapy \"Sotrovimab.\" While that partnership no longer produces revenues, it is mostly responsible for the company's massive cash hoard (more on that later).   VIR Earnings press release via Seeking Alpha The company is making some progress advancing its pipeline. A 60-patient Phase 2 study using tobevibart and elebsiran to treat chronic hepatitis delta reached full enrollment one month before schedule in early March. Complete 24-week trial data should be out before the end of this year.   May 2024 Company Presentation An article on Seeking Alpha in late February went into more granularity about the promise of this study.   May 2024 Company Presentation A Phase 2b study evaluating tobevibart and elebsiran to treat Chronic Hepatitis B is also fully enrolled, and 48-week trial data should be disclosed by the end of 2024 as well. Vir's investigational novel T cell vaccine for the prevention of HIV, \"VIR-1388\" has fully completed enrollment for part A of a Phase 1 trial. Initial immunogenicity data from this study should be out before the close of the year.   May 2024 Company Presentation In addition to these trials, management from Vir Biotechnology stated that the company should file at least four IND applications (VIR-1949, VIR-2981, VIR-7229, VIR-8190) over the next 18 months. Since Q1 results hit the wires, J.P. Morgan has maintained its Hold rating but did raise its price target slightly to $12 a share, from $9 previously. Meanwhile, Barclays ($27 price target) and Needham ($15 price target) reissued Buy ratings on the stock. Conclusion: The biggest positive around Vir Biotechnology continues to be its massive cash hoard, which now stands at just over $1.5 billion at the close of the first quarter. This is roughly 20% above the current market capitalization of the stock (as of market close Thursday), meaning an investor is getting the assets of the company for \"free\" in a sense. The obvious caveat is that the company is burning off cash (some $118 million cash burn in the first quarter) as it advances its pipeline.   May 2024 Company Presentation  This is the reason I hold VIR via covered call holdings, as the option premium within such a strategy easily makes up for the quarterly cash burn. In addition, the options against this equity have decent liquidity and provide adequate premiums. Given the company history of disappointments aside from its massive pandemic related sales, it seems the only logical way to play this stock. I also \"rolled\" these covered call positions on the rally in VIR in early trading Friday.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2432185152"}