Why Atea Pharmaceuticals Stock Got Crushed This Week

Shares of the clinical-stage biotech Atea Pharmaceuticals (NASDAQ: AVIR) closed the week down by a whopping 68.6%, according to data from S&P Global Market Intelligence. The biotech's stock plummeted last Tuesday after announcing that its oral antiviral pill, known as AT-527, badly missed the mark in a phase 2 trial called MOONSONG for patients with mild or moderate cases of COVID-19. AT-527 is being co-developed with pharma heavyweight Roche (OTC: RHHBY).