AVIR Stock: The Oral Covid-19 Therapy News That Has Atea Pharmaceuticals Plunging Today

Atea Pharmaceuticals (NASDAQ:AVIR) stock is on the move Tuesday after providing an update from its Phase 2 Moonsong clinical trial update.

Packs of blue and pink pills are piled on top of each other.

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The Moonsong trial was evaluating the effectiveness of AT-527 in reducing viral infection from Covid-19 in the outpatient setting. Unfortunately for AVIR stock, the results didn’t have it meeting its primary endpoint for reduction when compared to a placebo.

These negative results mean that Atea Pharmaceuticals has to rework other clinical trials for AT-527. That includes its Phase 3 Morningsky trial, which might be switched to a different primary endpoint. As a result, it doesn’t expect results until the second half of 2022.

Atea Pharmaceuticals is developing AT-527 alongside Roche. The two companies are hoping the oral antiviral medicine will present unique results thanks to its double focus on chain termination and NiRAN inhibition.

Jean-Pierre Sommadossi, PhD, founder and CEO of Atea Pharmaceuticals, said this about today’s news hammering AVIR stock.

“The primary endpoint was not achieved in the overall study population in patients with mild or moderate COVID-19, however, MOONSONG topline data suggest that AT-527 has antiviral activity in high-risk patients with underlying health conditions as we previously reported in the Phase 2 hospitalized study. Based on these and other AT-527 data, we with our partner Roche, are assessing potential modifications to the Phase 3 MORNINGSKY protocol that may likely lead to improved clinical outcomes.”

AVIR stock is seeing heavy trading on today’s news. As of this writing, more than 57 million shares of the stock have changed hands. To put that in perspective, the company’s daily average trading volume is closer to 1.8 million shares.

AVIR stock was down 63.1% as of Tuesday morning.

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2021/10/avir-stock-the-oral-covid-19-therapy-news-that-has-atea-pharmaceuticals-plunging-today/.

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