H.C. Wainwright remains cautious on Minerva's application for schizophrenia treatment, cuts PT

Minerva Neurosciences

23/08/2022 14:51

** Shares of drug developer Minerva Neurosciences Inc
 NERV.O  down 4.4% at $4.39
    ** H.C. Wainwright ("buy") cuts PT to $24 from $40 as it
takes a cautious stance on NERV's marketing application for U.S.
FDA approval of its experimental therapy, roluperidone, to treat
negative symptoms in patients with schizophrenia
    ** Brokerage says after the last meeting with FDA, NERV
submitted additional data to address a range of questions raised
by FDA, though it does not appear that the agency provided
additional feedback whether that was sufficient
    ** Adds, a decision on acceptance of the filing is a
milestone for NERV and it like the drug's profile and long-term
potential ... but sees risk that FDA might need additional data 
    ** Brokerage lowers the probability of success of
Roluperidone to 30% from 40%
    ** NERV believes data from its two studies is sufficient to
support a marketing application for roluperidone  urn:newsml:reuters.com:*:nL3N2W52ZY
    ** Schizophrenia is a chronic, severe mental disorder;
psychotic symptoms include hallucinations and unusual thinking
while negative symptoms include disinterest in daily activities
and social withdrawal
    ** As of last close, stock had fallen ~28% YTD 

 (Reporting by Shashwat Chauhan in Bengaluru)
 ((Shashwat.Chauhan@thomsonreuters.com))