WEBULL

Atea Pharmaceuticals (AVIR): Assessing Valuation After C-BEYOND Phase 3 Enrollment Milestone and 2026 Data Timeline

Simply Wall St · 1d ago

Atea Pharmaceuticals has finished enrolling patients in its C-BEYOND Phase 3 trial for a new hepatitis C regimen, a key pipeline milestone that puts the program on a clear timeline toward mid 2026 topline data.

See our latest analysis for Atea.

The latest clinical milestone comes after a steady year for investors, with a roughly 10 percent year to date share price return and a strong 3 year total shareholder return of about 59 percent. This signals that momentum is gradually building rather than fading.

If this hepatitis C update has you thinking about broader healthcare opportunities, it might be a good moment to explore other potential winners among healthcare stocks.

But with shares already up strongly over three and five years and trading only modestly below analyst targets, is Atea still flying under the radar, or are markets already pricing in the next leg of growth?

Most Popular Narrative Narrative: 8.5% Undervalued

With Atea closing at NOK155.6 versus a fair value of NOK170.0 in the most followed narrative, the story hinges on sustained, profitable growth over the next few years.

Atea is expected to experience higher than normal revenue growth in 2025, driven by capturing market share and the activation of new frame agreements in countries like Denmark and Finland. This will positively impact their revenue figures.

Read the complete narrative.

Curious what powers that upside gap? The narrative leans on accelerating top line growth, rising margins and a future earnings multiple that assumes real execution. This raises the question of which specific forecasts would need to be met with a high degree of precision for this valuation to hold together.

Result: Fair Value of $170 (UNDERVALUED)

Have a read of the narrative in full and understand what's behind the forecasts.

However, sustained currency headwinds and a prolonged revenue tilt toward lower margin hardware could quickly erode the upside implied in today’s valuation.

Find out about the key risks to this Atea narrative.

Another View: Market Ratios Tell a Different Story

On earnings, the picture is less generous. Atea trades at 21.7 times profits versus 19.2 times for the wider European IT group, yet below its 26.3 times fair ratio and far under peer averages near 36 times. Is this a modest quality premium or a value trap in the making?

See what the numbers say about this price — find out in our valuation breakdown.

OB:ATEA PE Ratio as at Dec 2025
OB:ATEA PE Ratio as at Dec 2025

Build Your Own Atea Narrative

If you are not fully aligned with this view or want to dig into the numbers yourself, you can build a tailored thesis in just minutes, Do it your way.

A great starting point for your Atea research is our analysis highlighting 3 key rewards and 1 important warning sign that could impact your investment decision.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.