Shares of Minerva Neurosciences Inc. more than tripled in active premarket trade Thursday, after the biopharmaceutical company announced positive trial results for its antidepressant drug candidate. The stock rocketed 238% to $11.98 in recent trade, putting it on track to open at a record high. Volume of 1.4 million shares 15 minutes before the market open was more than 15 times the full-day average. The company said a Phase-IIa trial of MIN-117 demonstrated superiority over placebo, with 24% of patients treated achieving remission, and favorable tolerability. "We believe these results show a meaningful clinical benefit and support further development of MIN-117, an antidepressant with a differentiated mechanism of action and a favorable tolerability profile," said Chief Executive Remy Luthringer.
Continue Reading Below
Copyright © 2016 MarketWatch, Inc.