Minerva Neurosciences Inc (NERV) stock started the Tuesday, May 11, 2021, by losing 2.62% to close the normal trading session at $2.23 per share. in the after-market session, NERV shares surged 38.57% to close at $3.09 per share.
NERV shares have plunged 82.23% over the last 12 months, and they have moved down 3.88% in the past week. Over the past three months, the stock has lost 36.10%, while over the past six months, it has shed 35.36%.
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Let’s see is there any reason behind its exceptional surge in the after-hours on Tuesday.
Phase 3 trial results of Roluperidone
On May 11, 2021, Minerva Neurosciences Inc. announced the results of its phase 3 trial ofroluperidone, from the 40-week open-label extension (OLE).
Roluperidoneis trialed for the treatment of negative symptoms (NS) of schizophrenia.
Over the 40-week OLE period, 333 patients participated, of whom 166 patients received the 32 mg dose and 167 patients received the 64 mg dose.
The mean improvement in negative symptoms was observed in all patients.
Upcoming Q1 2021 financial results announcement
Minerva Neurosciences Inc is going to announce its first-quarter 2021 results on Wednesday, May 12, 2021. The Company will host a webcast and conference call that day at 8:30 a.m. Eastern Time to discuss these results and other updates.
Latest financial result announcement
On March 08, 2021, Minerva Neurosciences Inc. reported financial results for the fourth quarter and fiscal year ended December 31, 2020.
Q4 2020 financial highlights
- Net loss was $7.3 million for the fourth quarter of 2020, or loss per share of $0.17 (basic and diluted), compared to a net loss of $29.9 million for the fourth quarter of 2019, or loss per share of $0.77 (basic and diluted).
- Research and development (R&D) expenses were$3.6 million for the fourth quarter of 2020 compared to $28.5 million in Q4 2019.
- General and administrative (G&A) expenses were $3.7 million in Q4 2020 compared to$3.8 million for the fourth quarter of 2019.
FY2020 financial highlights
- Net income was $1.9 million for the year ended December 31, 2020, or income per share of $0.05 (basic and diluted), compared to a net loss of $72.2 million, or loss per share of $1.85 (basic and diluted) for the year ended December 31, 2019.
- Collaborative revenue was $41.2 million and $0.0 for the years ended December 31, 2020, and 2019, respectively.
- Research and development (R&D) expenses were$22.0 million for FY2020 compared to $58.1 million in FY 2019.
- G&A expenses were $17.3 million in FY 2020 compared to $17.7 million for the year ended December 31, 2019.
- On December 31, 2020, NERV had cash, cash equivalents and restricted cash totaled approximately $25.5 million, compared to $46.0 million as of December 31, 2019.
Conclusion
The phase 3 trial results announcement was the reason behind its rally in the after-market session on Tuesday and we are hopeful that NERV will continue its positive momentum on Wednesday as well, after the financial results announcement.