GlobeNewswire Inc | Jan 23, 2022 01:12PM EST

January 23, 2022

NEW YORK, Jan. 23, 2022 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Atea Pharmaceuticals, Inc. (Atea or the Company) (NASDAQ:AVIR). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.

The investigation concerns whether Atea and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.

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On October 19, 2021, Atea issued a press release report[ing] that the global Phase 2 MOONSONG trial evaluating AT-527 in the outpatient setting did not meet the primary endpoint of reduction from baseline in the amount of SARS-CoV-2 virus in patients with mild or moderate COVID-19 compared to placebo in the overall study population, of which approximately two thirds of patients were low-risk with mild symptoms. Accordingly, Atea stated that it was assessing potential modifications to the global Phase 3 MORNINGSKY trial including the trials primary endpoint and patient population. On this news, Ateas stock price fell $26.80 per share, or 65.98%, to close at $13.82 per share on October 19, 2021. Then, on January 6, 2022, Morgan Stanley lowered its recommendation for Atea stock to Underweight from Equal-Weight, citing a lackluster market potential for AT-527 and opining that the product candidate has missed the critical window to achieve a major bolus of COVID sales.

On this news, Ateas stock price fell $0.54 per share, or 6.51%, to close at $7.76 per share on January 6, 2022.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.

CONTACT:Robert S. WilloughbyPomerantz LLPrswilloughby@pomlaw.com888-476-6529 ext. 7980