Why Veru Stock Jumped Today
Shares of Veru (NASDAQ: VERU) rose by upward of 6% as of 10:23 a.m. ET on Wednesday after it reported in a press release on Tuesday night that it had issued inducement grants to a trio of new employees.
In total, the stock options disbursed by the grants allow for the purchase of a total of 94,450 of the company's shares, which at the current price of $15.76 per share means that the market value of the grants is around $1.49 million. But the options will take a total of three years to vest.
Hiring a few new employees who get juicy compensation packages is a bullish sign for Veru, as it implies that the biotech is expanding its cadre of managers because it strongly expects to be scaling up its operations in the near term. The catalyst for the hiring is doubtlessly the strongly positive results published on July 6 from its phase 3 trial of sabizabulin, a medicine intended to treat moderate to severe cases of COVID-19.
Source Fool.com
