Why Atea Pharmaceutical Stock Is Ripping Higher Today
Shares of the mid-cap biopharma Atea Pharmaceutical (NASDAQ: AVIR) are up by a respectable 21.5% as of 11:44 a.m. EDT Friday morning. The biotech's shares are taking flight today in response to a successful interim analysis for Merck's oral COVID-19 pill, molnupiravir, in a late-stage trial.
Atea, for its part, is also trialing an oral COVID-19 medication, known as AT-527, with a broadly similar mechanism of action (they both interfere with viral replication). AT-527 is being evaluated as a treatment for patients who are already infected with COVID-19.
Image source: Getty Images.
Source Fool.com
