The biotech sector was in focus last week with regulatory and pipeline updates from quite a few companies like Regeneron (REGN), Vir (VIR) and KemPharm, Inc. (KMPH).
Shares of Vir Biotechnology (NASDAQ: VIR) are dropping sharply on Thursday despite the drugmaker not reporting any news. Goldman Sachs analyst Paul Choi lowered his price target on Vir Biotechnology from $61 to $59. As a reminder, Vir Biotechnology and its partner GlaxoSmithKline are taking part in the Accelerating COVID-19 Therapeutic Interventions and Vaccines (ACTIV) Program, an initiative led by the U.S. National Institutes of Health (NIH).
The U.S. death toll from the coronavirus-borne illness COVID-19 climbed above 518,000 on Thursday, as President Joe Biden added his voice to a chorus of outrage over Texas and Mississippi's decision to reopen their states for business, just as declining case numbers are stalling and public health experts are urging Americans to stick with safety measures.