Why Atea Pharmaceuticals Stock Got Crushed This Week

Shares of the clinical-stage biotech Atea Pharmaceuticals (NASDAQ: AVIR) closed the week down by a whopping 68.6%, according to data from S&P Global Market Intelligence. The biotech's stock plummeted last Tuesday after announcing that its oral antiviral pill, known as AT-527, badly missed the mark in a phase 2 trial called MOONSONG for patients with mild or moderate cases of COVID-19.

AT-527 is being co-developed with pharma heavyweight Roche (OTC: RHHBY). Atea and Roche, per their press release, said the drug failed to reduce the amount of circulating SARS-CoV-2 virus in patients with mild or moderate cases compared to patients who received a placebo. The drug, however, reportedly did exhibit a clinical benefit in high-risk patients with underlying health conditions.

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Source Fool.com