Atea Pharmaceuticals (NASDAQ:AVIR) Stock Price Down 0.8% – Here’s Why

Shares of Atea Pharmaceuticals, Inc. (NASDAQ:AVIR) dropped 0.8% during trading on Tuesday . The stock traded as low as $4.61 and last traded at $4.70. Approximately 341,636 shares were traded during trading, a decline of 7% from the average session volume of 365,661 shares. The stock had previously closed at $4.74.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Atea Pharmaceuticals in a research report on Monday, April 20th. One analyst has rated the stock with a Strong Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Atea Pharmaceuticals currently has a consensus rating of “Moderate Buy”.

Atea Pharmaceuticals Trading Down 0.8%

The firm’s fifty day moving average is $4.59 and its 200-day moving average is $4.72. The stock has a market capitalization of $376.14 million, a PE ratio of -2.23 and a beta of 0.31.

Atea Pharmaceuticals (NASDAQ:AVIR) last announced its quarterly earnings results on Tuesday, May 12th. The company reported ($0.57) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.60) by $0.03. As a group, equities analysts predict that Atea Pharmaceuticals, Inc. will post -1.93 EPS for the current year.

Institutional Trading of Atea Pharmaceuticals

Several institutional investors have recently added to or reduced their stakes in AVIR. Rhumbline Advisers lifted its stake in Atea Pharmaceuticals by 2.6% during the second quarter. Rhumbline Advisers now owns 119,420 shares of the company’s stock worth $430,000 after purchasing an additional 2,977 shares in the last quarter. Rangeley Capital LLC acquired a new stake in shares of Atea Pharmaceuticals in the second quarter valued at $191,000. Deutsche Bank AG acquired a new stake in shares of Atea Pharmaceuticals in the fourth quarter valued at $188,000. Schonfeld Strategic Advisors LLC purchased a new stake in shares of Atea Pharmaceuticals in the 4th quarter valued at $164,000. Finally, Brevan Howard Capital Management LP purchased a new stake in shares of Atea Pharmaceuticals in the 2nd quarter valued at $132,000. Institutional investors and hedge funds own 86.67% of the company’s stock.

About Atea Pharmaceuticals

Atea Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on the discovery and development of oral antiviral therapeutics targeting RNA viruses. The company’s lead program, AT-527, is a direct-acting nucleotide prodrug licensed from Roche and is being evaluated as a potential treatment for coronavirus disease 2019 (COVID-19). In addition to its COVID-19 efforts, Atea’s pipeline includes other small-molecule candidates for hepatitis C virus and emerging RNA pathogens, leveraging its proprietary nucleotide chemistry platform to address significant unmet medical needs in infectious diseases.

Founded in 2014 and headquartered in Cambridge, Massachusetts, Atea operates research laboratories in the Greater Boston area and conducts clinical studies across North America, Europe and parts of Asia.