Why Atea Pharmaceuticals Is Up 17% Today

Shares of biotech company Atea Pharmaceuticals (NASDAQ: AVIR) are up 16.8% as of mid-Monday, although not in response to news from or about the company. Rather, a U.S. Food and Drug Administration advisory panel's recent recommendation against COVID-19 vaccine boosters (for most people) bodes well for Atea's trial of a drug aimed at treating the disease once a patient is infected.

Investors are simply connecting the dots.

On Friday, a panel that makes drug approval and rejection recommendations to the FDA advised the agency that there would be no significant benefit in administering so-called booster vaccine injections for most people who have already been fully inoculated by the vaccine jointly made by Pfizer and BioNTech.

Source Fool.com