Buy Rating for Ovid Therapeutics Based on Novel SE Drug Candidates OV329 and OV350

In a report released yesterday, Thomas Shrader from BTIG maintained a Buy rating on Ovid Therapeutics (OVID – Research Report), with a price target of $11.00.

Thomas Shrader has given his Buy rating due to a combination of factors surrounding the potential of Ovid Therapeutics’ pipeline in the treatment of status epilepticus (SE). The key considerations include the unique mechanisms of action of Ovid’s drug candidates OV329 and OV350, which differentiate them from traditional neurosteroid therapies that have shown disappointing results in both major depressive disorder and SE. Unlike neurosteroids, OV329 and OV350 do not directly bind to GABA receptors, which could mitigate some of the dose-limiting side effects associated with neurosteroid medications, such as fatigue and somnolence.

OV350, in particular, is viewed as potentially transformational in SE treatment due to its ability to potentiate the efficacy of benzodiazepines (BZs), which are the first-line choice for SE due to their widespread availability and safety profile. OV350 also acts as a disease modifier by activating the KCC2 chloride channel, potentially inhibiting early seizures that contribute to further dysfunction. OV329, with its high affinity for its target and ability to modulate GABA receptors, offers hope for better activation of extra-synaptic GABA receptors, addressing issues seen with neurosteroids. These promising attributes of OV329 and OV350 contribute to Shrader’s positive outlook on Ovid Therapeutics’ stock.

In another report released on May 16, H.C. Wainwright also reiterated a Buy rating on the stock with a $9.00 price target.

TipRanks tracks over 100,000 company insiders, identifying the select few who excel in timing their transactions. By upgrading to TipRanks Premium, you will gain access to this exclusive data and discover crucial insights to guide your investment decisions. Begin your TipRanks Premium journey today.

Ovid Therapeutics (OVID) Company Description:

Ovid Therapeutics, Inc. focuses on developing medicines for patients and families living with rare neurological disorders. The company was founded by Matthew During in April 2014 and is headquartered in New York, NY.