Atea Pharmaceuticals downgraded to Underweight from Neutral at JPMorgan

JPMorgan downgraded Atea Pharmaceuticals to Underweight from Neutral without a price target. The firm says that despite reiterating on track clinical timelines for bemnifosbuvir, it remains skeptical of the value accretive potential of the product candidate in either indication. The analyst sees the currently approved antivirals continuing to dominate a shrinking market opportunity as severe COVID case rates dwindle. JPMorgan anticipates Atea shares continuing to be under pressure and underperforming.