VERU - Why Veru Stock Is Flying High Today
Shares of Veru (NASDAQ: VERU) were flying 31.6% higher at 12:14 p.m. ET on Thursday. The big gain came after the drugmaker provided its fiscal 2022 third-quarter update before the market opened.
Veru's Q3 results didn't appear to justify the sizable jump for the stock. The company reported total net revenue fell 46% year over year to $9.6 million. Its net loss totaled $22.2 million, or $0.28 per share. This result was much worse than the loss of $2.7 million, or $0.03 per share, in the prior-year period.
However, Veru's management sounded optimistic about the prospects of winning Emergency Use Authorization (EUA) for sabizabulin in treating hospitalized COVID-19 patients at high risk for acute respiratory distress syndrome (ARDS). They also expect a revenue boost from the launch of Entadfi, which treats benign prostatic hyperplasia (enlarged prostate) with a low potential for adverse sexual side effects. This positive outlook appeared to be all investors needed to pile into the biotech stock .
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Why Veru Stock Is Flying High Today