Neuphoria Therapeutics (NEUP) stock plummeted on Tuesday after the clinical-stage biotechnology company provided investors with an update on its AFFIRM-1 Phase 3 trial of BNC210, a candidate to treat social anxiety disorder (SAD). The big news here is that the clinical trial failed to meet its primary endpoint and didn’t show statistically significant differences for its secondary endpoints.
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Neuphoria Therapeutics told investors that it will end development of BNC210 as a treatment for SAD and will also reconsider its use as a potential treatment for post-traumatic stress disorder (PTSD). Additionally, the company intends to conduct a full strategic review of its operations and portfolio. It will provide investors with an update on this by the end of the year.
Spyros Papapetropoulos, President and CEO of Neuphoria Therapeutics, said, “We plan to immediately take action to conserve our cash position by holding further investment in our programs and evaluating all options for Neuphoria’s path forward through a strategic review, with the goal of maximizing value for shareholders.”
Neuphoria Therapeutics Stock Movement Today
Neuphoria Therapeutics stock was down 67.53% in pre-market trading on Tuesday, following a slight drop yesterday. The shares have rallied 348.98% year-to-date and 320.77% over the past 12 months. Today’s news sparked heavy pre-market trading, as more than 200,000 shares changed hands, compared to a three-month daily average of about 89,000 units.
Is Neuphoria Therapeutics Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for Neuphoria Therapeutics is Moderate Buy, based on two Buy and a single Hold rating over the past three months. With that comes an average NEUP stock price target of $19.43, representing a potential 26.17% upside for the shares. These ratings and price targets will likely change in light of today’s news.
