Minerva Neurosciences, Inc. (NERV), a clinical-stage biopharmaceutical company, has seen an increase of 5.43% in the premarket trading session. As a result, NERV stock is changing hands at $1.44 at the time of this writing. That increase has come after the stock surged by 9.52% in regular trading hours on Thursday. The surge has come due to Redditors increasing interest in the stock, potentially due to the upcoming FDA announcement regarding the company’s ongoing clinical trial. Let’s discuss some recent developments related to NERV stock.
Executive appointment in NERV
On 8th September, NERV announced the retirement of Dr. Jay Saoud and was transitioned to an advisory role. The company also announced the appointment of Dr. Ramana Kuchibhatla as the Senior Vice President and Head of Research & Development. Both appointments were to become effective from September 16th, 2021. According to the details, Dr Kuchibhatla has an experience of more than 35 years in drug development, regulatory, biostatistical, and operations leadership in the life sciences and biotech industries. Before joining Minerva, he was Executive Director of Global Drug Development at PRA Health Sciences Inc., a subsidiary of ICON. Before that, he was Sr. Vice President of clinical development and Biostatistics at Melior Pharmaceuticals Inc. He also founded QED Pharmaceutical Services, a contract research organization specializing in clinical and data services. Dr. Remy Luthringer, Executive Chairman and Chief Executive Officer of Minerva, congratulated Dr. Ramana and said that his experience would support the company in its current and future endeavors.
Q2 2021 financial results
On 2nd August, NERV reported the unaudited quarterly results for the second quarter of the fiscal year 2021, which ended 30th June 2021. According to the details, the company had cash and cash equivalents of $74.21 million on 30th June. The total assets in possession of the company stood at $105.32 million. The total liabilities over the company on the 30th of June were $69.15 million. The operating expenses during the quarter stood at $8.96 million. During the equivalent period of 2020, the total operating expenses were $11.66 million. The company bore a loss of $8.96 million during the quarter. During the equivalent period of 2020, the company generated $29.50 million in terms of operational profits. The net loss bore by the company during the quarter stood at $1.6 million. The net loss per basic and diluted share during the quarter stood at $0.25. During the equivalent period of 2020, the net income per basic and diluted share stood at $0.75 and $0.73.
What’s ahead for NERV?
Recent past results have not been up to the mark for NERV stock. The stock has declined by 5% during the last month and 25% during the previous quarter. Analysts predict robust times for NERV stock. The EPS of NERV is expected to increase by 102% during the current fiscal. Based on that, potential investors should keep a close eye on NERV stock.
