Why Veru Shares Are Rising After Hours

Veru Inc VERU shares are trading higher in Monday's after-hours session on continued momentum from the regular session. 

The stock closed up more than 180% after the company announced its novel COVID-19 drug candidate reduced deaths by 55% in hospitalized patients in an interim analysis of the Phase 3 study.

The study evaluated the company's oral COVID-19 candidate sabizabulin versus a placebo in 150 hospitalized COVID-19 patients at high risk for Acute Respiratory Distress Syndrome.

Sabizabulin treatment resulted in a clinically and statistically meaningful 55% relative reduction in deaths in the intent to treat population. The placebo group had a 45% mortality rate compared to the sabizabulin-treated group which had a 20% mortality rate. Veru said the secondary efficacy endpoints are still being analyzed.

Veru plans to meet with FDA to discuss the next steps including the submission of an emergency use authorization application.

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VERU Price Action: Veru has traded as low as $4.34 over a 52-week period. It reached a new 52-week high Monday.

The stock was up 6.86% in after hours at $13.07 at press time, according to data from Benzinga Pro.

Photo: Belova59 from Pixabay.