Why Vir Biotechnology Stock Is Plunging Today?

Vir Biotechnology Inc VIR shares are tumbling after the company released data from the Phase 2 PENINSULA evaluating VIR-2482 to prevent symptomatic influenza A illness.

The trial did not meet primary or secondary efficacy endpoints. 

In participants who received the highest dose of VIR-2482 (1,200 mg), a non-statistically significant reduction of approximately 16% in influenza A protocol-defined illness was observed. 

Participants who received the highest dose showed an approximately 57% reduction in symptomatic influenza A illness, one of two secondary endpoints. 

VIR-2482 was generally well tolerated, and no safety signals were identified.

The dose-ranging, proof-of-concept trial enrolled approximately 3,000 participants without risk factors for serious complications from an influenza infection who did not receive an influenza vaccination for the flu season. 

Price Action: VIR shares are down 41.6% at $13.68 on the last check Thursday.