This month, as Merck (NYSE: MRK) moves forward with an Emergency Use Authorization in the U.S. for its oral antiviral for COVID-19, Atea Pharmaceuticals (NASDAQ: AVIR) stock saw a significant drop. Unfortunately, investors are unlikely to see the small-cap biotech replicate Moderna's success as the next COVID-19 underdog success story after news of its negative clinical trial. Let's explore what caused Atea's drop and how biotech investors should examine their future investments.
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