Healthcare Business

Are Biotechs the Next Target for Cyber Criminals?

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%.

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.