5 Oversold Biotech Stocks to Buy

2. Vir Biotechnology, Inc. (NASDAQ:VIR)

14-day RSI as of July 25: 21.41

Number of Hedge Fund Holders: 22

San Francisco, California-based Vir Biotechnology, Inc. (NASDAQ:VIR) is a commercial-stage immunology company focused on the development of therapies to treat and prevent serious infectious diseases. Its current development pipeline consists of product candidates targeting COVID-19, hepatitis B and D viruses, influenza A and human immunodeficiency virus.

On July 20, Vir Biotechnology, Inc. (NASDAQ:VIR) announced that the Phase 2 Prevention of Illness Due to Influenza A (PENINSULA) trial evaluating VIR-2482 for the prevention of symptomatic influenza A illness did not meet primary or secondary efficacy endpoints.

Following the announcement, Barclays lowered the price target for Vir Biotechnology, Inc. (NASDAQ:VIR) shares to $41 from $59 while maintaining an ‘Overweight’ rating. The price target represents a potential upside of 250.25% based on the share price on July 25.

As of Q1 2023, Vir Biotechnology, Inc. (NASDAQ:VIR) shares were owned by 22 of the 943 hedge funds tracked by Insider Monkey, with a total value of $161 million. Notable hedge fund investors included Point72 Asset Management, Avidity Partners Management, and Renaissance Technologies, among others.