Veru Stock News and Forecast: VERU surges as FDA approval appears imminent
- VERU stock spikes as FDA approval looks likely for covid treatment.
- VERU stock up as FDA says it can apply for emergency use authorization.
- VERU is producing a drug called Sabizabulin to treat covid.
Finally, some good news to report on as we find a stock that is actually going up! VERU is up about 26% in Wednesday's premarket as the FDA said there is enough data for it to apply for emergency use authorization for its Sabizabulin treatment for covid. VERU stock is trading at $10.07 at the time of writing, a gain of 29% now on Tuesday's close.
VERU Stock News: Sabizabulin, say that three times fast
Sabizabulin is VERU's drug to treat covid. The drug is or was undergoing a phase 3 trial, but during an interim analysis it was allowed to stop the trial as recommended by an independent data safety monitoring committee.VERU said it will engage in discussions with government agencies for the purchase of Sabizabulin. The request for an emergency use authorization (EAU) will be made in Q2 2022. VERU will hold a conference call on May 12 to discuss the announcement further.
"Treatment with Sabizabulin 9mg once daily, an oral, first-in-class, new chemical entity, cytoskeleton disruptor that has dual anti-inflammatory and antiviral properties, resulted in a clinically meaningful and statistically significant 55.2% relative reduction in deaths, said the company in a statement. "The Company is seeking FDA emergency use authorization. FDA granted Fast Track designation to the Company’s COVID-19 program in January 2022."
VERU also has other drugs in development for the treatment of breast and prostate cancer.
VERU Stock Forecast
This rally or spike has taken VERU stock back to $10, which we previously identified as a support level on the last super spike in April. That time the spike was caused by an announcement of trial results for the Phase 3 trial of Sabizabulin for covid. This latest news is confirmation of that. Getting above and holding above $10 is key, but pharma stocks are notoriously volatile. The only caveat to add is whether covid will die out quickly now that it seems to be weakening and vaccination levels are rising globally. Spanish flu, the last major global pandemic died out after about three winters, which is about where we are with covid. It is unclear how strong demand will be for covid treatments over the next few years.
VERU stock chart, daily
Author
Ivan Brian
FXStreet
Ivan Brian started his career with AIB Bank in corporate finance and then worked for seven years at Baxter. He started as a macro analyst before becoming Head of Research and then CFO.
