In a report released on November 8, Roanna Ruiz from Leerink Partners maintained a Hold rating on Atea Pharmaceuticals (AVIR – Research Report), with a price target of $4.00.
Roanna Ruiz has given her Hold rating to Atea Pharmaceuticals due to several reasons. Firstly, Ruiz noted that Atea Pharmaceuticals has issued updated timelines for its clinical programs, with the key focus on the ongoing global Phase 3 SUNRISE-3 trial for bemnifosbuvir’s against COVID-19. Management expects initial safety updates in the first quarter of 2024 and results by mid-2024. Emphasis was made on the fact that the 1Q24 interim update will only disclose whether the trial will continue or not, without providing efficacy data. Furthermore, the expansion of the SUNRISE-3 enrollment criteria for high-risk patients, which should have benefited from the recent surge in COVID-19 cases, was taken into account.
In addition, Ruiz considered the company’s ongoing efforts in Hepatitis C treatment. The enrollment for the Phase 2 open-label study of bemni + ruzasvir is complete, with results expected in the first quarter of 2024. A subsequent Phase 3 study comparing 8 weeks of treatment with bemni + RZR vs HCV therapy Epclusa is also planned for the 4Q24. The company’s financial health, ending the 3Q23 with $595 million in cash and investments and a runway into FY26, also played a role in the Hold rating. Lastly, Ruiz cited that the company’s plans to share preclinical gen protease inhibitor in 1Q24, which could set it apart from other similar treatments in development, had been met with skepticism from investors, contributing to the Hold recommendation.
AVIR’s price has also changed slightly for the past six months – from $3.400 to $3.290, which is a -3.24% drop .
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Atea Pharmaceuticals (AVIR) Company Description:
Atea Pharmaceuticals Inc is a clinical stage biopharmaceutical company engaged in discovering and developing therapies to address the unmet medical needs of patients with severe viral diseases. Its programs are focused on the development of orally- administered direct acting antivirals for the treatment of patients with COVID-19 in the hospital and community settings, the treatment of patients with chronic hepatitis C infection, the treatment of patients with dengue, and the treatment of high-risk patients with severe respiratory syncytial virus infection. The company’s medicinal chemistry, virology, and pharmacology expertise, bolstered by its collective experience in drug development, enables it to pioneer new advancements in antiviral science.
Read More on AVIR:
- Atea Pharmaceuticals reports Q3 EPS (40c), consensus (48c)
- Atea Pharmaceuticals Reports Third Quarter 2023 Financial Results and Provides Business Update
- Atea Pharmaceuticals Announces Participation at Upcoming Investor Conferences
- Atea Pharmaceuticals to Host Third Quarter 2023 Financial Results Conference Call on November 8, 2023
