Speedwell Financial Makes New Investment in Atea Pharmaceuticals Inc. (NASDAQ:AVIR)

Top Quote London & Hong Kong based wealth management firm Speedwell Financial continues its bullish acquisition of pharmaceutical stocks by taking a $70 million position in Boston based Atea Pharmaceuticals. End Quote
  • (1888PressRelease) October 07, 2021 - Speedwell Financial have bought a new position in shares of Atea Pharmaceuticals Inc (NASDAQ:AVIR) in the start of the fourth quarter, according to its most recent filing with the Financial Conduct Authority. The institutional investor bought on Thursday - 31st of September, 2,000,000 shares of the bio-pharmaceutical company’s stock, valued at approximately $70,240,000 or $35.12 per share.

    Several research analyst have rated the stock as a “Hold”, two have issued a sell rating and seven have given a “Buy” rating to the stock with a target price of $55.

    Several other hedge funds have also modified their holdings of AVIR.

    Nisa Investment Advisors LLC boosted its holdings in shares of Atea by 19.7% during the second quarter. Nisa Investment Advisors LLC now owns 46155 shares of the bio-pharmaceutical company’s stock worth $1,963,433 after purchasing an additional 750 shares during the last quarter. Flagship Harbor Advisors LLC boosted its position in shares of Atea by 16.8% during the second quarter. Flagship Harbor Advisors LLC now owns 2390 shares of the bio-pharmaceutical company’s stock worth $101,670 after buying an additional 1005 shares during the period. Steward Partners Investment Advisory LLC lifted its position in Atea by 315.8% in the second quarter.

    The stock price of Atea Pharmaceuticals Inc (NASDAQ: AVIR) – a clinical-stage bio-pharmaceutical company focused on discovering, developing and commercializing oral therapies to address the unmet medical needs of patients with life-threatening viral diseases – increased by over 25% pre-market today. Investors appear to be responding to a sympathy play associated with Merck.

    Currently, Atea is focused on the development of orally available, potent, and selective nucleotide prodrugs for difficult-to-treat and life-threatening viral infections, including severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), the virus that causes COVID-19, dengue virus, hepatitis C virus (HCV) and respiratory syncytial virus (RSV).

    And Merck, known as MSD outside the United States and Canada, and Ridgeback Biotherapeutics today announced that molnupiravir (MK-4482, EIDD-2801), an investigational oral antiviral medicine, significantly reduced the risk of hospitalization or death at a planned interim analysis of the Phase 3 MOVe-OUT trial in at-risk non-hospitalized adult patients with mild-to-moderate COVID-19.

    Speedwell Financial is part of Speedwell Settlement Services UK and regulated by the UK financial services authorities

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