JMP Securities analyst Jason Butler said the fact that Minerva's Phase 2b trial of MIN-117 to treat major depressive disorder failed to meet its primary and key secondary endpoints "likely represents the end of the road for this pipeline candidate" and he removed MIN-117 from his valuation, which lowered his price target on the stock to $18 from $20. However, the company's focus remains on the expected Phase 3 readout for roluperidone in schizophrenia negative symptoms and he anticipates "transformational catalysts" in 2020 for that candidate as well as updates on plans for seltorexant in MDD and insomnia, said Butler, who keeps an Outperform rating on the stock.