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Atea Pharmaceuticals, Inc. (AVIR) Surges 7.4%: Is This an Indication of Further Gains?

Zacks Equity Research
·2-min read

Atea Pharmaceuticals, Inc. AVIR shares soared 7.4% in the last trading session to close at $7.08. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 8.8% gain over the past four weeks.

The rise in share prices is attributable to positive investor expectations on Atea Pharmaceutical’s progress with its pipeline development of antiviral therapeutics for viral infections. The company intends to start a phase II program for AT-752, its potential antiviral treatment for dengue fever in first-half 2022. The company is also intending to start multiple phase II studies evaluating its nucleotide analog, bemnifosbuvir, in a combination therapy for COVID-19 and hepatitis C virus in second-half 2022.

 

This company is expected to post quarterly loss of $0.56 per share in its upcoming report, which represents a year-over-year change of -264.7%. Revenues are expected to be $10 million, down 84.9% from the year-ago quarter.

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While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

For Atea Pharmaceuticals, Inc., the consensus EPS estimate for the quarter has been revised 6% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on AVIR going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

Atea Pharmaceuticals, Inc. belongs to the Zacks Medical - Biomedical and Genetics industry. Another stock from the same industry, Gilead Sciences GILD, closed the last trading session 0.4% higher at $59.42. Over the past month, GILD has returned -3.4%.

Gilead's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $1.72. Compared to the company's year-ago EPS, this represents a change of -17.3%. Gilead currently boasts a Zacks Rank of #3 (Hold).


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