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.
Image source: Getty Images.
Source Fool.com
