While cannabis stocks continue their selloff today, biotech stocks are moving higher, with one in particular in the spotlight. On Monday, June 24, NERV stock jumped more than 40% in mid-day trade; this occurred after Minerva Neurosciences (NASDAQ:NERV) said its trial of Seltorexant met its principal goals.
Here’s everything we know.
NERV Stock Goes Flying on Seltorexant Trial News
Today, Minerva Neurosciences said its Seltorexant trial met its primary and secondary goals. Seltorexant is the company’s treatment for insomnia; Minerva hosted a conference call on the matter at 8:30 AM EDT Monday. According to the Massachusetts-based company, the beneficial effects of the Seltorexant trial were long-term and consistent in adults. In the Phase 2b trial, Seltorexant met its secondary endpoint—MarketWatch said this was “wake after sleep onset over first 6 hours at Night 1″—as well as its primary endpoint of LPS.
“The findings from this study demonstrate that Seltorexant significantly improves sleep induction and prolongs sleep duration,” explained Professor Thomas Roth, adding: “The results also demonstrate that Seltorexant showed a significantly greater improvement in these sleep parameters compared to zolpidem.”
The news is sitting well with the market, with NERV stock becoming a Yahoo Finance trending ticker of the day. That’s not surprising, though. At the time of writing, NERV stock is trading at $6.04, putting it up 42.27%. In pre-market trade, NERV stock jumped 34%.
For Those Who Don’t Know
Based in Waltham, Massachusetts, Minerva Neurosciences is a clinical-stage biopharmaceutical company. NERV primarily focuses on developing and commercializing a portfolio of product candidates to treat central nervous system diseases.
If you’re a biotech investor, tell us your thoughts on the news in the comments below! Did you expect it to send NERV stock up nearly 50%? Do you think the bull run for the stock will last for the rest of the week? Let us know, and don’t forget to follow this story for more updates!
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