Why Atea Pharmaceuticals Is Imploding Today

Shares of Atea Pharmaceuticals (NASDAQ: AVIR), a clinical-stage biopharmaceutical company, are falling hard after the company shared disappointing clinical-trial data. Investors are worried about what will become of AT-527, an oral COVID-19 treatment, after failing a phase 2 study. The stock was down 61.9% as of 11:26 a.m. EDT on Tuesday.

Atea Pharmaceuticals and its big pharma partner Roche (OTC: RHHBY) are developing AT-527 as an easy-to-swallow antiviral for COVID-19. Unfortunately, treatment with the antiviral didn't lower the amount of circulating SARS-CoV-2 virus for mild or moderate patients when measured against patients who received a placebo.

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Source Fool.com