Why Veru Stock Is Skyrocketing Today
Shares of Veru (NASDAQ: VERU) were skyrocketing 40.7% higher at 11:17 a.m. ET on Monday. The huge gain came after the U.S. Food and Drug Administration (FDA) released a briefing document related to Veru's Emergency Use Authorization (EUA) request for the COVID-19 drug sabizabulin. The FDA's Pulmonary-Allergy Drugs Advisory Committee Meeting to review this EUA request is scheduled for Nov. 9, 2022.
Today's jump adds to a strong year-to-date performance for Veru. The biotech stock had soared 76% before the FDA briefing document was released.
Some might focus on the FDA staff's concerns in the briefing document. For example, the agency pointed out the small size of Veru's clinical study evaluating sabizabulin. The FDA's review also identified "uncertainties with the data." These uncertainties included a high mortality rate in the study's placebo group and other questions about the study.
Source Fool.com
