Why Shares of Vir Biotechnology Rose 20.4% This Week
Shares of Vir Biotechnology (NASDAQ: VIR) were up 20.5% so far for the week late on Friday morning, according to data from S&P Global Market Intelligence. The stock closed at $21.81 last Friday, then opened at $21.02 on Monday. It made its big jump mostly on Wednesday, when it opened at $26.40 and reached a high of $27.48. The stock's 52-week high was $58 and its 52-week low was $20.52.
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Investors bought into the stock on the news that it will be added to the S&P SmallCap 600 at the start of trading on April 4. That means that funds tracking the index will need to buy the stock, and that surge in demand is likely to raise its share price.
Source Fool.com
