Here’s to why Atea Pharmaceuticals Inc. (AVIR) stock is moving down during current market?

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Atea Pharmaceuticals Inc. (NASDAQ: AVIR) stock plunged by 66.23% in the current market trading session. Atea Pharmaceuticals is a clinical-stage pharmaceutical business focusing on finding, producing, and commercializing oral medicines to treat individuals with life-threatening viral illnesses who have healthcare problems.

AVIR stock’ towards a decline,

The results of the worldwide Phase 2 MOONSONG study were released by Atea Pharmaceuticals. The trial looked at AT-527 in outpatient settings, however, it didn’t reach the primary goal of a decrease in SARS-CoV-2 virus levels from baseline in patients with mild or moderate COVID-19. Furthermore, compared to placebo, at 550 mg BID (prespecified subgroup analysis) and 1,100 mg BID (exploratory subgroup analysis), a decrease in viral load of about 0.5 log10 was seen at Day 7 in patients with a higher level of risk and some already existing health problems.

Atea and Roche are evaluating possible changes to the worldwide Phase 3 MORNINGSKY study, such as the trial’s primary objective and patient population, depending on the MOONSONG topline and additional recent findings for AT-527, as well as the developing COVID-19 context. As an outcome, Phase 3 MORNINGSKY data is now expected in the second part of 2022.

AT-527 is being developed by Atea and Roche as an oral direct-acting antiviral (DAA) for the cure of COVID-19. Its novel mode of action, which includes multiple targets such as chain termination (RdRp) and NiRAN inhibition, has the ability to generate a high barrier to resistance while also providing wide antiviral coverage against various SARS-CoV-2 variants. To define the effectiveness and safety of AT-527, Atea conducts a systematic nonclinical program. AT-527 is non-mutagenic and has no impact on fertility or reproduction, according to the findings of these nonclinical investigations.

Jean-Pierre Sommadossi, CEO, and Founder of Atea Pharmaceuticals stated,

The main objective in patients with less or moderate COVID-19 was not met in the total trial population, but MOONSONG topline findings show that AT-527 has antiviral efficacy in slightly elevated patients with pre – existing health problems, as they previously observed in the Phase 2 inpatient research. Based on this and other AT-527 findings, they’re evaluating potential changes to the Phase 3 MORNINGSKY protocol with their partner Roche, which might lead to better treatment outcomes. As COVID-19 evolves, they are dedicated to creating and delivering AT-527 as an oral antiviral that will fulfill therapeutic requirements.

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