NEW YORK (TheStreet) -- Shares of Minerva Neurosciences (NERV) - Get Report are spiking by 183.45% to $10.03 on heavy volume in early-morning trading on Thursday, after the Waltham, MA-based clinical-stage biopharmaceutical company announced positive trial results for its antidepressant drug candidate and schizophrenia treatment.
Minerva's antidepressant drug candidate, MIN-117, demonstrated superiority over a placebo, with 24% of patients achieving remission, according to a company statement. Both the 0.5 milligrams dose and 2.5 milligrams dose demonstrated a "favorable tolerability profile."
"We believe these results show a meaningful clinical benefit and support further development of MIN-117, an antidepressant with a differentiated mechanism of action and a favorable tolerability profile," CEO Dr. Remy Luthringer said.
Minerva separately announced that its lead product candidate in patients with negative symptoms of schizophrenia, MIN-101, met its primary endpoint of demonstrating the statistically significant benefit over a placebo in improving negative symptoms.
There is currently no approved treatment for these negative symptoms of schizophrenia, which include a lack of motivation, volition and initiative, as well as restricted personal interaction.
About 1.39 million shares of Minerva have been traded so far today, well above the company's average trading volume of roughly 88,803 shares per day.