Minerva Neurosciences Inc (NERV) Triples on Drug Announcement

Volume is exploding on biotech stock Minerva Neurosciences Inc (NASDAQ:NERV) after positive drug trial results

May 26, 2016 at 2:43 PM
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On Wednesday, biotech stock Minerva Neurosciences Inc (NASDAQ:NERV) hit an all-time low of $3.45 -- unknowingly setting itself up for an astonishing comeback. Specifically, NERV has more than tripled in value today to trade at $11.70, and earlier hit a record high of $12.50. The stock took off after the drug company announced positive trial results for its antidepressant drug candidate -- marking a rare bit of good news for biotech stocks

The biotech stock's trading volume has crushed previous intraday highs following the drug data. In fact, the stock is easily the top percentage gainer on the Nasdaq Composite (COMP), and it's also one of the most traded, with today's volume on NERV topping heavyweights such as Microsoft Corporation (NASDAQ:MSFT), Facebook Inc (NASDAQ:FB), and Netflix, Inc. (NASDAQ:NFLX)

The stock hadn't received much attention of any kind from Wall Street before today. For instance, just two analysts have initiated coverage on NERV -- a "strong buy" and "buy," for what it's worth -- and short interest is practically nonexistent, representing just 0.4% of the stock's float. NERV does not have options, either. 

As was mentioned, Minerva Neurosciences Inc (NASDAQ:NERV) had been selling off before today, dropping roughly half its value since its previous May high of $6.98, as of Wednesday's close at $3.54. Looking back even further, shares of NERV had a similar breakout back in early 2015, when the stock surged to an intraday high of $10. However, this success was short lived, as NERV closed that session at $6.49, and spent the rest of the year trading below that level. 

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