Atea Pharmaceuticals (NASDAQ:AVIR) Issues Earnings Results

Atea Pharmaceuticals (NASDAQ:AVIR) released its earnings results on Monday. The company reported ($0.40) EPS for the quarter, topping analysts’ consensus estimates of ($0.51) by $0.11, FiscalAI reports.

Here are the key takeaways from Atea Pharmaceuticals’ conference call:

• Atea reported that its phase III C-BEYOND trial met its primary and secondary endpoints: bemnifosbuvir/ruzasvir achieved a 94% SVR rate versus 95% for standard-of-care SOF/VEL, meeting the prespecified non-inferiority margin. The company highlighted the eight-week course for non-cirrhotic patients and said adverse events were comparable between treatment arms.
• The next major HCV milestone is top-line data from the global C-FORWARD trial, expected in early 2027; if results are positive, Atea is targeting an NDA submission in mid-2027. The filing timeline therefore remains contingent on the upcoming readout.
• Atea ended September with $191.2 million in cash and marketable securities and closed a Hercules Capital facility with a $65 million initial draw and up to $135 million in additional funding, subject to conditions. Management expects current resources and the initial draw to fund operations into mid-2028 and said the facility could support commercialization without equity financing.
• Commercial preparation is underway, but Atea said it has not yet begun payer discussions because the product is not approved; it is currently assessing coverage and formulary dynamics. The company also said a pending HCV elimination bill is unlikely to be an early priority in the new Congress and would need to be reintroduced.

Atea Pharmaceuticals Trading Down 3.5%

Shares of NASDAQ:AVIR opened at $4.26 on Tuesday. The company has a 50-day moving average price of $4.90 and a 200 day moving average price of $4.93. Atea Pharmaceuticals has a 12 month low of $2.87 and a 12 month high of $6.45. The company has a market cap of $341.37 million, a price-to-earnings ratio of -2.07 and a beta of 0.76.

Wall Street Analyst Weigh In

AVIR has been the topic of several recent analyst reports. Wall Street Zen upgraded shares of Atea Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Saturday, September 12th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Atea Pharmaceuticals in a report on Thursday, October 15th. Finally, Morgan Stanley increased their price target on Atea Pharmaceuticals from $6.00 to $7.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 13th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $7.00.

About Atea Pharmaceuticals

Atea Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on discovering and developing oral antiviral therapies for serious infectious diseases. The company’s research platform is based on nucleotide and nucleoside prodrug technologies designed to target viral replication.

Atea’s lead product candidate is bemnifosbuvir, formerly known as AT-527, an orally administered antiviral that has been evaluated for the treatment of COVID-19. The company has also investigated bemnifosbuvir and related antiviral approaches for other viral infections, including hepatitis C.