Are Biotechs the Next Target for Cyber Criminals?
Minerva Neurosciences shares dropped sharply on Tuesday after the firm announced that it was the victim of a cyberattack. Minerva also provided an update on its clinical trials.
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After Minerva Neurosciences Inc. (NASDAQ: NERV) announced that it was the victim of a cyberattack, its shares dropped sharply on Tuesday. Minerva also provided an update on its clinical trials.
The company said that it had a cyberattack on an external contractor, which resulted in delays in patient recruitment for the Phase 3 trial of its schizophrenia treatment, roluperidone.
So far, Minerva noted that a total of 384 patients of a targeted 501 have been enrolled, with complete enrollment now expected by year’s end, and top-line results are expected in the first half of 2020.
Minerva also said that its patient screening has been completed in the Phase 2b trial of MIN-117 in moderate to severe major depressive disorder. The top-line results are expected in the fourth quarter of 2019.
Excluding Tuesday’s move, Minerva had underperformed the broad markets, with its stock up only 15% year to date. In the past 52 weeks, the stock was down 38%.
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Shares of Minerva traded down 23% to $5.97 on Tuesday, in a 52-week range of $4.07 to $11.99. The consensus price target is $19.20.
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Chris Lange is a writer for 24/7 Wall St., based in Houston. He has covered financial markets over the past decade with an emphasis on healthcare, tech, and IPOs. During this time, he has published thousands of articles with insightful analysis across these complex fields. Currently, Lange's focus is on military and geopolitical topics. Lange's work has been quoted or mentioned in Forbes, The New York Times, Business Insider, USA Today, MSN, Yahoo, The Verge, Vice, The Intelligencer, Quartz, Nasdaq, The Motley Fool, Fox Business, International Business Times, The Street, Seeking Alpha, Barron’s, Benzinga, and many other major publications. A graduate of Southwestern University in Georgetown, Texas, Lange majored in business with a particular focus on investments. He has previous experience in the banking industry and startups.
