Atea Pharmaceuticals upgraded to Equal Weight from Underweight at Morgan Stanley

Morgan Stanley upgraded Atea Pharmaceuticals to Equal Weight from Underweight with a price target of $6.88, up from $2. The analyst including hepatitis C into the company’s model but sees most investors on the sidelines going into COVID readout the second half of 2024. Bemnifosbuvir plus ruzasvir has the potential to be best-in-class treatment for hepatitis C, but the market opportunity is potentially challenging given the competitive landscape and payer dynamic, the analyst tells investors in a research note.