VERU - Veru sheds 13% to end rally as director sells shares
- COVID-19 drugmaker Veru ( NASDAQ: VERU ) snapped a six-day rally Thursday, losing ~13% in the morning hours after one of the company's directors sold over $2.0M worth of VERU stock as part of an option exercise.
- According to an SEC filing submitted on Wednesday, VERU director Dr. Mario Eisenberger sold his entire stake of 100K shares in the biopharma company at a weighted average price of $20.04 per share on Monday.
- Dr. Eisenberger executed the multi-million-dollar transaction 5-7 years before the option expiry.
- The share sale comes ahead of the much-awaited FDA authorization of the company's COVID-19 therapy sabizabulin.
- Last Thursday, VERU added more than ~36% even after the company's fiscal Q3 2022 results fell short of Street forecasts.
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Veru sheds 13% to end rally as director sells shares