Cerevel Therapeutics (CERE) just popped 91% to $24.02.
All thanks to positive results from its schizophrenia treatment.
“CVL-231 was generally well-tolerated, and discontinuation rates were similar between CVL-231 and placebo in the six weeks of dosing, at 22% each. Importantly, both the 30 mg once-daily and the 20 mg twice-daily doses demonstrated clinically meaningful antipsychotic activity with an overall well-tolerated profile compared with placebo,” according to the company’s release.
The stock could move even higher after the US FDA granted fast track designation for its CVL-871 treatment for dementia related apathy.
“Apathy is a strong predictor of dementia progression and can lead to decreased quality of life, increased morbidity and mortality, early institutionalization, and significant caregiver burden,” said Raymond Sanchez, M.D., chief medical officer, as also quoted in a company release. “We believe that CVL-871 could be a potential treatment to address the constellation of symptoms represented by dementia-related apathy, such as social disengagement, diminished initiative and interest and loss of emotion, and we look forward to our continued collaboration with the FDA to advance the development of this important program through the Fast Track process.”