Vir Biotechnology Shares Soar 10.21% After Record Low

Vir Biotechnology (VIR) shares surged by 10.21% today, marking a significant rebound despite the stock price dropping to a record low earlier in the day with an intraday decline of 4.62%.

Vir Biotechnology has recently faced several challenges that have impacted its stock price. The company reported a negative net margin of 678.40% and a negative return on equity, indicating poor financial performance. These financial struggles likely contributed to the stock reaching a new 1-year low.

In addition to financial difficulties, Vir Biotechnology announced plans to lay off 25% of its workforce, approximately 140 roles. This significant reduction in staff is expected to negatively impact investor sentiment, further contributing to the decline in stock price. The layoffs are part of the company's efforts to streamline operations and reduce costs in response to financial challenges.