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Wainwright starts coverage on biotech firm Virax Biolabs VRAX.O with a \"buy\" rating and $3 PT, implying a more than twofold upside to stock's last close** VRAX has an \"attractive market opportunity\" in post-acute infection syndromes  diagnostics, with long COVID potentially contributing to a \"hundreds of millions of dollars\" market, says brokerage ** PAIS refers to chronic illnesses that occur after an infection, causing prolonged symptoms such as fatigue, pain and cognitive issues** ViraxImmune, a diagnostic test, is being developed to detect T-cell dysfunction in PAIS, including long COVID, with UK clinical validation study underway, brokerage says** The test shows promise in evaluating immune status in chronic conditions, with \"significant changes\" in cytokine levels, which are small proteins that help immune cells communicate, in PAIS patients - H.C. 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