JPMorgan analyst Anupam Rama downgraded Vir Biotechnology to Underweight from Neutral with an unchanged price target of $26. The stock closed Wednesday down $1.08 to $49.18. Vir shares are up 290% year-to-date driven mainly by the company’s COVID-19 strategy, which is still evolving, Rama tells investors in a research note. The company has made progress on the development side, but timelines for advancing potential candidates and the fundamental impact are unknowns at this point, says the analyst. Rama now sees more downside risk in the stock at current valuation levels.