Stock Alert: Vir Biotechnology Spikes 22%

(RTTNews) - Shares of Vir Biotechnology, Inc. (VIR) are surging more than 22% Wednesday morning after the company announced a new collaboration with the National Institutes of Health to develop antibodies to treat coronaviruses. The stock is currently trading at $38.65. It has traded in the range of $11.65- $75 in the past one year.

The company joined with the National Institute of Allergy and Infectious Diseases (NIAID), Vaccine Research Center (VRC) to develop human monoclonal antibodies (mAbs) against coronaviruses, including SARS-CoV-2, the virus that causes the disease COVID-19. The project is to begin this week.

Vir has identified a number of monoclonal antibodies that bind to SARS-CoV-2. These antibodies were isolated from individuals who had survived a SARS infection. The company is conducting research to determine if its antibodies, or additional antibodies that it may be able to identify from COVID-19 survivors, can be effective as treatment for SARS-CoV-2.