Veru's stock soars again on heavy volume after positive results of breast cancer treatment
Shares of Veru Inc. soared 51.4% toward a seven-year high on massive volume, after the biopharmaceutical company announced positive results from a Phase 2 study of its treatment of breast cancer. Trading volume was 105 million shares, enough to make the stock the most actively traded on the Nasdaq exchange. The company said its enobosarm demonstrated a "clinically meaningful" 6-month clinical benefit rate and had a good safety profile with no reports of virilization, increased hemotocrit or liver toxicity. The stock has now nearly tripled (up 196%) amid a four-day win streak, which started after the company reported fourth-quarter results before the Dec. 9 open. The company reported a net loss that widened to $11.8 million, or 17 cents a share, from a loss of $3.1 million, or 5 cents a share, in the same period a year ago, while revenue increased 35% to $11.75 million. Veru also said at the time that after the completion of the sale of its Preboost to treat premature ejaculation, it can self-fund its existing drug product development program, "without the need for a new equity financing," until at least the end of fiscal 2021. The stock has more than tripled (up 246%) over the past three months, while the iShares Nasdaq Biotechnology ETF has climbed 14.7% and the S&P 500 has gained 8.3%.
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