VERU - Why Veru Stock Is Plunging Today
Veru (NASDAQ: VERU) , a high-flying cancer and COVID-19 stock, is in full-on retreat mode today. Specifically, the biotech's shares were down by a hefty 17%, on average volume, as of 12:38 p.m. ET Tuesday afternoon.
What's causing investors to head for the exits today? The good news is that Veru didn't release any material news today, so its value proposition hasn't suddenly changed. The bad news is that investors appear to be profit-taking across the varied healthcare landscape today in response to the Federal Reserve's plans to continue raising interest rates in 2023.
Thanks to the sizable commercial potential of its severe COVID-19 therapy known as sabizabulin, Veru's share price shot up by an astronomical 198% at its peak earlier this year. Veru thus stands out as a top target for profit-taking, especially in this increasingly risk-averse environment.
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Why Veru Stock Is Plunging Today