NEW YORK (TheStreet) -- Minerva Neuroscience (NERV) - Get Report stock price target was hiked to $17 from $10 at Jefferies earlier today after the Waltham, MA-based clinical-stage biopharmaceutical company yesterday announced positive trial results for its antidepressant drug candidate and schizophrenia treatment.
The note focuses on the results from the trial for MIN-101, its lead product candidate in patients with negative symptoms of schizophrenia.
Minerva announced "robust" and statistically significant topline results for the treatment, including hitting the key endpoint of reduction in negative symptoms, Jefferies wrote in a note. Additionally, the drug had little to no incidence of adverse effects typically associated with schizophrenia drugs.
The firm projects a 65% probability of MIN-101 approval for schizophrenia in 2020
Shares are down 8.43% to $10.81 on heavy trading volume late Friday afternoon after spiking more than 200% on Thursday.
About 6.80 million shares of Minerva Neurosciences have been traded so far today, well above its average trading volume of roughly 1.19 million shares per day.