Why Is Veru (VERU) Stock On the Move Again Today?

Veru (NASDAQ:VERU) stock is continuing to move today with a few factors affecting the recent change in the oncology biopharmaceutical company’s shares.

OCGN stock: hands of medical professional holding a syringe, symbolizing vaccine representing VERU stock.

Source: shutterstock.com/PhotobyTawat

Let’s start off with what Oppenheimer analyst Leland Gershell had to say about VERU stock yesterday. The analyst reiterated an “outperform” rating for the shares and upped his price target for the stock from $25 to $36.

For the record, VERU stock currently holds a consensus “buy” rating. That comes from three analysts holding “buy” ratings for the shares. The consensus price target is also sitting at $30 per share.

Gershell said the following in a note obtained by TipRanks.

“With the global pandemic showing little sign of abating and BARDA to be allocated $9.25B in additional COVID-19 funding, we believe sabizabulin will serve critical roles in the US and abroad.”

Sabizabulin is Veru’s Covid-19 drug candidate recently making waves. The company posted results from a clinical trial earlier this week that showed a 55% reduction in deaths of hospitalized Covid-19 patients. In addition to that, none of the patients in the study showed severe negative reactions to the treatment.

All of this has seen VERU stock rising throughout the week. With that comes heavy trading of the shares and today is no different. As of this writing, some 30 million shares of VERU have changed hands. That’s already above its daily average trading volume of 11.1 million shares.

VERU started off strong in pre-market trading today but is down 5.9% early Thursday morning.

Investors on the lookout for more recent stock market news are in luck!

We’ve got all the hottest stock news that traders need to know about today! That includes what’s happening with Nio (NYSE:NIO) stock, this morning’s biggest pre-market stock movers, as well as recent defense stocks news. You can find out all about these matters at the following links!

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


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