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Minerva Shares Soar on Positive Schizophrenia Drug Trial

Minerva notes 'continuous improvement in negative symptoms' for users of roluperidone over one year in its Phase 3 trial.
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Minerva Neurosciences  (NERV) - Get Minerva Neurosciences Inc Report shares soared Wednesday after it announced positive results for the Phase 3 trial of its roluperidone treatment for schizophrenia.

Shares of Minerva Neurosciences traded Wednesday at $2.65, up 19%. The stock has slumped 25% for the past six months, even after Wednesday’s rise.

As for the trial, Minerva Neurosciences noted “continuous improvement in negative symptoms” observed over one year in patients receiving both 64 milligram and 32 milligram doses.

The company also pointed to “continuous improvement in the Personal and Social Performance total score over one year, suggesting improvement in patients’ everyday life functioning.”

Roluperidone showed a “favorable safety profile with few serious adverse events and no evidence of somnolence, extrapyramidal side effects or weight gain,” Minerva Neurosciences said.

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The treatments resulted in a “limited number of relapses observed over one year,” the company said.

“Results provide additional support for continued development of roluperidone and submission of a new drug application following completion of a bioequivalence study and other work to address FDA comments,” the comment added.

HC Wainwright’s Douglas Tsao said that while both the 32 milligram and 64 milligram doses showed improvement, it’s unclear which dose is better because they weren’t statistically powered, Bloomberg reported.

He has a buy rating and a $10 price target on shares of Minerva Neurosciences.

William Blair analyst Myles Minter said the crucial question is whether the Food and Drug Administration will accept the analysis paired with EU-only Phase 2b data. He has a market perform rating on the stock.