Look back on Pharma news May 23-27
Minerva Neurosciences saw its shares make massive gains on Thursday following the release of positive results from a couple of mid-stage clinical trials. Specifically the company announced positive results for its Phase IIa trial of MIN-117 in major depressive disorder (MDD) and Phase IIb trial of MIN-101 monotherapy in schizophrenia.
However, after the dust has settled, a couple of analysts weighed in and gave their opinion on where Minerva stands to go from here. Jefferies reiterated a Buy rating and raised its price target to $17 from $10. The firm’s key takeaway was that shares are attractively valued for the opportunities that these drug candidates present. Positive data from these trials will allow the company to secure partnerships as well as additional capital. JMP Securities reiterated its Market Outperform rating for Minerva and raised its price target to $17 from $10.
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