Shares of Veru Inc.
rocketed 175% toward a 13-month high in afternoon trading Monday, after biopharmaceutical company announced positive results from its Phase 3 trial of its oral COVID-19 treatment. Trading volume spiked up to 264.2 million shares, compared with the full-day average of about 629,400 shares, and enough to make the stock the most actively traded on major U.S. exchanges. Veru said patients hospitalized with moderate to severe COVID-19, who were at high risk for adult respiratory distress syndrome (ARDS) and death, its oral sabizabulin led to a “clinically and statistically meaningful” 55% reduction in deaths. The Independent Data Safety Monitoring Committee “unanimously” recommended the Phase 3 trial be halted early because of efficacy, with no safety concerns identified. Veru’s stock, which had closed at a 16-month low on Friday, has now run up 103.4% year to date, while the iShares Biotechnology ETF
has dropped 14.1% and the S&P 500
has lost 7.0%.