Minerva Neurosciences (NASDAQ:NERV) Issues Quarterly Earnings Results, Beats Estimates By $0.05 EPS

Key Points

• Minerva Neurosciences beat quarterly earnings expectations, reporting a loss of $0.14 per share versus analysts’ projected loss of $0.19.
• The stock fell 3.8% to $4.27, despite increased institutional interest; hedge funds and other institutions own 34.56% of outstanding shares.
• Analyst sentiment is mixed, with the stock holding an average “Hold” rating and a consensus price target of $10.50, compared with its current price.

Minerva Neurosciences (NASDAQ:NERV - Get Free Report) released its quarterly earnings results on Friday. The biopharmaceutical company reported ($0.14) earnings per share for the quarter, beating analysts' consensus estimates of ($0.19) by $0.05, FiscalAI reports.

Minerva Neurosciences Trading Down 3.8%

Minerva Neurosciences stock traded down $0.17 on Friday, reaching $4.27. 171,007 shares of the stock were exchanged, compared to its average volume of 160,870. The stock has a market cap of $198.94 million, a PE ratio of -0.15 and a beta of -0.10. Minerva Neurosciences has a twelve month low of $1.76 and a twelve month high of $12.46. The firm has a fifty day moving average price of $4.51 and a two-hundred day moving average price of $5.42.

Institutional Investors Weigh In On Minerva Neurosciences

Hedge funds and other institutional investors have recently made changes to their positions in the business. Federated Hermes Inc. increased its stake in shares of Minerva Neurosciences by 297.5% in the fourth quarter. Federated Hermes Inc. now owns 5,371,775 shares of the biopharmaceutical company's stock worth $21,595,000 after purchasing an additional 4,020,500 shares during the period. Renaissance Technologies LLC boosted its stake in Minerva Neurosciences by 28.1% during the 4th quarter. Renaissance Technologies LLC now owns 149,200 shares of the biopharmaceutical company's stock valued at $600,000 after purchasing an additional 32,700 shares during the period. State Street Corp grew its holdings in Minerva Neurosciences by 45.4% in the 4th quarter. State Street Corp now owns 24,019 shares of the biopharmaceutical company's stock valued at $97,000 after buying an additional 7,500 shares during the last quarter. Vivo Capital LLC bought a new position in Minerva Neurosciences in the 4th quarter worth approximately $17,377,000. Finally, Adage Capital Partners GP L.L.C. bought a new position in Minerva Neurosciences in the 4th quarter worth approximately $11,409,000. 34.56% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

NERV has been the subject of a number of analyst reports. Citizens Jmp began coverage on Minerva Neurosciences in a research report on Wednesday, April 15th. They issued a "market outperform" rating and a $14.00 price target for the company. Wall Street Zen downgraded Minerva Neurosciences from a "hold" rating to a "sell" rating in a research note on Saturday, May 9th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Minerva Neurosciences in a report on Wednesday, June 24th. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Minerva Neurosciences currently has an average rating of "Hold" and an average price target of $10.50.

Minerva Neurosciences Company Profile

Minerva Neurosciences, Inc is a clinical‐stage biopharmaceutical company focused on developing novel therapies for central nervous system (CNS) disorders. The company's research and development efforts are directed toward addressing unmet needs in psychiatric and neurological conditions, leveraging its expertise in neuropharmacology and receptor modulation. Minerva's goal is to bring forward differentiated molecules that can offer improved efficacy and safety profiles compared to existing treatments.

The company's most advanced programs include roluperidone (formerly MIN-101), which has been investigated for the treatment of negative symptoms of schizophrenia, and MIN-117, a novel serotonergic agent being evaluated in major depressive disorder.

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