Atea Pharmaceuticals (NASDAQ:AVIR) Stock Price Down 5%

Shares of Atea Pharmaceuticals, Inc. (NASDAQ:AVIR) dropped 5% during trading on Friday . The stock traded as low as $23.70 and last traded at $23.82. Approximately 14,609 shares changed hands during mid-day trading, a decline of 98% from the average daily volume of 592,756 shares. The stock had previously closed at $25.08.

AVIR has been the subject of several research reports. Zacks Investment Research downgraded shares of Atea Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Monday. Morgan Stanley reduced their price target on shares of Atea Pharmaceuticals from $82.00 to $35.00 and set an “overweight” rating for the company in a research report on Thursday, June 3rd. One investment analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. Atea Pharmaceuticals has a consensus rating of “Buy” and an average target price of $56.25.

The stock has a market capitalization of $2.00 billion and a P/E ratio of -46.53. The stock’s 50 day simple moving average is $31.66.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Price T Rowe Associates Inc. MD increased its stake in Atea Pharmaceuticals by 1.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,561,375 shares of the company’s stock valued at $153,805,000 after buying an additional 43,398 shares during the period. BlackRock Inc. acquired a new position in Atea Pharmaceuticals in the 4th quarter valued at $54,975,000. Geode Capital Management LLC increased its stake in Atea Pharmaceuticals by 2.6% in the 1st quarter. Geode Capital Management LLC now owns 274,885 shares of the company’s stock valued at $16,974,000 after buying an additional 7,019 shares during the period. The Manufacturers Life Insurance Company increased its stake in Atea Pharmaceuticals by 0.5% in the 1st quarter. The Manufacturers Life Insurance Company now owns 259,476 shares of the company’s stock valued at $16,023,000 after buying an additional 1,191 shares during the period. Finally, Goldman Sachs Group Inc. increased its stake in Atea Pharmaceuticals by 4.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 254,188 shares of the company’s stock valued at $15,696,000 after buying an additional 10,547 shares during the period. 59.75% of the stock is currently owned by institutional investors.

About Atea Pharmaceuticals (NASDAQ:AVIR)

Atea Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, focused on discovering, developing, and commercializing antiviral therapeutics for patients suffering from viral infections. Its lead product candidate is AT-527, a novel antiviral agent that is in Phase II clinical trial for the treatment of patients with COVID-19.

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