Minerva Neurosciences' Stock More Than Triples On Heavy Volume After Drug Trial Results

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.