Why Atea Pharmaceuticals Stock Is Sinking Today

Shares of Atea Pharmaceuticals (NASDAQ: AVIR) fell by as much as 14.4% in premarket trading Wednesday morning. The biotech's shares are sliding today in response to Roche's (OTC: RHHBY) decision to terminate its involvement in the development of the oral COVID-19 therapy known as AT-527.

Atea Pharmaceuticals will reportedly regain full commercial rights to the drug on Feb. 10, 2022. Despite Roche's exit, the company said it still plans on moving forward with AT-527's ongoing phase 3 Morningsky trial. 

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Source Fool.com