Why Veru Inc. (VERU) stock surged more than 20% today?

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Why Veru Inc. (VERU) stock surged more than 20% today?

Why Veru Inc. (VERU) stock surged more than 20% today?
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Highlights 

  • Veru Inc. (VERU) is a biopharmaceutical company focused on urology and oncology.
  • VERU stock rose 80.51% YTD and 18.88% in one year.
  • The stock has a market capitalization of US$1.03 billion.

Shares of biopharmaceuticals company Veru Inc. (NASDAQ: VERU) jumped over 20% to around US$13 at 1:15 pm ET on Monday. The rally comes after the firm announced the results of its placebo-controlled Phase2 study of oral Sabizabulin in COVID-19 patients.

Patients with a high risk of acute respiratory distress syndrome (ARDS) participated in the study.

The findings were presented at the 32nd European Congress of Clinical Microbiology & Infectious Diseases (ECCMID). Michael Gordon, one of the investigators in the study and MD and Chief Medical Officer of Honor Health Research and Innovation Institute, said the data supports pursuing the sabizabulin study in a Phase3 setting. 

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He added that the study clinically showed a significant reduction in deaths of hospitalized COVID-19 patients at high risk for ARDS. According to Gordan, a safe drug is the need of the hour to save the lives of severely ill COVID-19 patients, and sabizabulin appears to meet the demands. 

The company is seeking FDA emergency use authorization for the drug and an advance purchase agreement from the US government. In January this year, the FDA granted Fast Track designation to Veru’s COVID-19 program. 

About Veru Inc

Veru Inc has a market capitalization of US$1.03 billion. Its stock touched the highest of US$17.50 and the lowest of US$4.34 in one year.

Miami, Florida-based Veru Inc is a biopharmaceutical company focused on developing medicines for COVID-19 and ARDS-related diseases and breast and prostate cancers. 

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 Why Veru Inc. (VERU) stock surged more than 20% today? 

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Financials:

In the first quarter ended December 31, 2021, the company’s net revenue fell 3% YoY. It generated revenue of US$14.1 million compared to US$14.6 million in Q1, 2020.

It booked a net loss of US$6.38 million or US$0.08 per share diluted compared to a net income of US$17.23 million or US$0.23 per share diluted in the first quarter of 2020.  

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Bottom line:

The Nasdaq Biotechnology Index dropped 15.70% YTD and 19.94% in one year, while VERU stock rose 80.51% YTD and 18.88% in one year.

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