Merck rises 2% after Atea Covid drug fails in Phase 2 study

Shares of Merck (MRK) after up 2% to $78.94 in premarket trading after Atea Pharmaceuticals (AVIR) reported that AT-527 in the outpatient setting did not meet the primary endpoint of reduction from baseline in the amount of SARS-CoV-2 virus in patients with mild or moderate Covid compared to placebo. Merck's and Ridgeback Biotherapeutics' molnupiravir is currently under review at the Food and Drug Administration, and, if authorized, it will be the first oral antiviral to treat Covid patients in the U.S.