Nexvet shares rebound on positive data from study of pain drug in cats

Australia's Nexvet Biopharma ($NVET) hasn't earned much love on Wall Street since its February IPO: Its shares, which were offered at $10 apiece, have fallen as low as $4.40. But the stock was up 12% to $5.46 in early trading on Thursday, after the company announced it was seeing positive signs from an early study of NV-02, a monoclonal antibody it's developing for cats with degenerative diseases such as osteoarthritis. In a proof-of-concept study, cats on the drug showed a statistically significant improvement in activity levels starting two weeks after treatment, the company said. Nexvet expects to announce a plan for developing the drug in the third quarter of this year. Release