Why Did HC Wainwright Beef Up Vir Biotech's Target Price?

H.C. Wainwright has raised the Vir Biotechnology Inc VIR price target to $200 from $135, suggesting an upside of 330%. Analyst Patrick Trucchio reiterates a Buy rating on the stock.
The analyst expects a "robust" COVID-19 antiviral market, with Vir as a leader.
Recent updates suggest that Vir and its collaboration partner GlaxoSmithKline Plc GSK are likely to maintain a top-tier COVID-19 antiviral franchise, led at first by sotrovimab, "for the foreseeable future," Trucchio tells investors.
Related Link: GSK, Vir's Intramuscularly-Administered Sotrovimab Shows Efficacy At Par With IV Route In COVID-19.
He believes that as investors better appreciate the potential for a robust prophylaxis mAb market, potentially more significant post-infection antiviral market as more SARS-CoV-2 variants emerge, and the differentiated approach by Vir and GSK, Vir shares "should increase substantially."
Related Link: GSK And Vir Biotechnology Announce $1B In United States Government Agreements To Purchase Sotrovimab COVID-19 Treatment.
Price Action: VIR shares are up 15.1% at $46.59 during the market session on the last check Tuesday.