Pharma Stock Surging on Upbeat Covid-19 Treatment Data

The stock is getting ready to topple several layers of resistance

Digital Content Manager
Apr 11, 2022 at 9:27 AM
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Another company could be joining the ranks of Covid-19 treatment producers: Veru Inc (NASDAQ:VERU). The biopharmaceutical firm this morning released upbeat results for its Phase 3 Covid-19 oral treatment, showing that the oral sabizabulin treatment led to a "clinically and statistically meaningful" 55% reduction in deaths in hospitalized adults. The shares of Veru are soaring in response, last seen up 29.9% at $5.65. 

VERU is set to open at its highest level since early March this morning. Should these gains hold, it could also topple dual resistance at its $5.50 level and its 30-day moving average, which rejected a rally attempt late last month. VERU came into today sporting a 58% year-over-year deficit, and on Friday's session, the stock touched an annual low of $4.34. 

Despite this recent rout, analysts remain optimistic. All five in coverage call it a "strong buy." What's more, the 12-month consensus price target of $24.20 is an eyebrow-raising 320.1% premium to last night's close. 

Short sellers are hitting the exits, with short interest falling 11.7% in the last reporting period, but there's still room for a short squeeze to push the stock higher. The 3.25 million shares sold short make up 5.4% of the stock's available float, and would take nearly three days to cover, at VERU's average daily pace of trading. 

 

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