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Stock Alert: Vir Biotechnology Jumps 12%

Shares of Vir Biotechnology (VIR) spiked up 12% on Monday morning on light volume on no particular positive news.

The little-known clinical-stage immunology company witnessed strong demand for its shares from investors last week after it announced that it identified two monoclonal antibodies that bind the coronavirus causing the current outbreak, SARS-Cov-2.

The company said it is assessing neutralization with a pseudo-virus and is working with international partners to assess neutralization with the live virus.

"We are pleased that, using the same platform that was used to isolate mAb114, which has proven to be active against Ebola, we have quickly identified antibodies with potential biological activity against SARS-CoV-2," said Chief Scientific Officer Herbert "Skip" Virgin. "We are working as rapidly as possible and look forward to sharing more information as we have it."

The fear of a global coronavirus outbreak continues to mount as the outbreak continues to spread across the globe. Coronavirus-related deaths have risen to more than 2,620 worldwide, with over 30 outside of mainland China. There are at least 79,300 confirmed cases globally.

VIR is currently up $18.17, up $1.91 or 11.75%, on the NYSE.

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