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Investing.com - H.C. Wainwright has reiterated its Buy rating and $1.50 price target on Ovid Therapeutics Inc (NASDAQ:OVID), maintaining its positive outlook on the biopharmaceutical company. Currently trading at $1.03 with a market capitalization of $73 million, OVID has demonstrated strong momentum with an 82% price return over the past six months.
The firm highlighted that Ovid’s OV329, a next-generation GABA-AT inhibitor, is expected to produce top-line results from its ongoing Phase 1 study later this quarter, likely toward the end of September. The company maintains a healthy financial position with a current ratio of 4.72, indicating strong ability to meet short-term obligations.
Ovid is currently conducting high-dose single ascending dose/multiple ascending dose cohort studies in healthy volunteers to optimize dosing strategies for future Phase 2 programs, with researchers assessing pharmacodynamics, target engagement, pharmacokinetics, safety, and tolerability.
The company is developing OV329 for potential treatment of drug-resistant epilepsies, with preclinical data suggesting the compound is 100- to 1,000-fold more potent than vigabatrin in animals and delivers synaptic and extrasynaptic inhibition without apparent sedation at therapeutic doses.
Pending Phase 1 results, Ovid plans to initiate a Phase 2a trial in adults with treatment-resistant focal onset seizures early next year, with potential to explore additional drug-resistant epilepsy types and select developmental and epileptic encephalopathies in both adult and pediatric populations. InvestingPro analysis reveals 12 additional investment tips and comprehensive financial metrics that could help investors better evaluate OVID’s potential.
In other recent news, Ovid Therapeutics Inc . has made significant strides in its financial and strategic operations. The company announced the sale of its future royalty rights related to ganaxolone sales outside China to Immedica Pharma AB for $7 million in cash, providing non-dilutive funding to support ongoing operations. Ovid recorded approximately $566,000 in ganaxolone royalty revenues in 2024. In terms of analyst activity, H.C. Wainwright adjusted its price target for Ovid to $1.50, down from $2.00, while maintaining a Buy rating, reflecting ongoing clinical developments, particularly with OV329.
Lucid Capital Markets initiated coverage on Ovid with a Buy rating and a $5.50 price target, citing the company’s focus on developing drugs for epilepsies and seizure-related neurological disorders. B.Riley also assumed coverage with a Buy rating and a $3.00 price target, following insights from a recent hybrid non-deal roadshow. This event highlighted Ovid’s upcoming clinical data readouts, including OV329 Phase 1 biomarker data expected next month and KCC2 first-in-human data in the fourth quarter of 2025. These developments reflect Ovid’s continued efforts in advancing its clinical programs and securing financial stability.
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