Atea Pharmaceuticals (AVIR) shareholder Radoff-JEC Group said in an open letter Wednesday that it plans to nominate three directors at the company's annual general meeting as it raised concerns about Atea's stock price performance, strategy and governance practices.

Atea shares have traded below their net cash value since November 2021, according to the group, which said it owns about 5.4% of the company's outstanding stock.

The group said in the letter that it has made suggestions to improve the governance and management of the business, and the board has "ignored or rejected" its ideas.

There is an "urgent need for boardroom change," the investor group said, adding that with a refreshed board focused on creating stockholder value Atea could "immediately return up to $250 million in cash to stockholders."

In a statement Friday, Atea said its nominating and corporate governance committee would evaluate the director candidates "consistent with its established practices."

Atea's 2025 annual meeting has not yet been scheduled, the company said.