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Fly News Breaks for December 19, 2019
Dec 19, 2019 | 06:27 EDT
Citi analyst Joel Beatty recommends buying shares of Minerva Neurosciences after MIN-117 failed a Phase 2b trial in depression and the company announced that it is discontinuing development of that agent. The analyst believes investors were only attributing 25c per share to MIN-117. The negative study is offset by management confirming on the conference call that the Phase 3 trial of roluperidone is on-track to complete enrollment around year-end with results in the first half of 2020, Beatty tells investors in a research note. He lowered his price target for Minerva to $18 from $19 and keeps a Buy rating on the shares.
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