BTIG Starts Ovid Therapeutics Inc (OVID) at Buy

BTIG analyst Thomas Shrader initiates coverage on Ovid Therapeutics Inc (NASDAQ: OVID) with a Buy rating and a price target of $11.00.

The analyst comments "We see Ovid and its differentiated pipeline as well-matched for the complex and somewhat stagnant epilepsy treatment landscape. The pipeline contains several candidates we consider relatively de-risked based on significant clinical data (Soticlestat) or because they are likely safer versions of therapeutics that have already shown efficacy (OV329 and OV888). The pipeline also features candidates with new MOAs (Soticlestat and OV350) that could combine well with existing therapeutics. In each case, there is a focus on better targeting, rather than the poly-pharmacy that characterizes many earlier anti-seizure medications (ASMs). The most important catalyst for the stock in 2024 is the P3 Soticlestat readout that could start the flow of $660M in milestones, and eventually royalties starting in 2026, from Takeda (TAK, Not Rated). The readout should also provide validation for Ovid's focus on novel approaches to epilepsy treatment. Beyond that, the early safety data for OV329 are interesting and should indicate if this "safer-Vigabatrin" is truly safe and continues to avoid GABA-class side effects (fatigue). The ROCK2 program is also interesting as vascular damage is a component of many indications beyond the lead CCM program. We expect management to detail, in early 2024, their plans to use biomarkers of early vessel damage as surrogate endpoints."

For an analyst ratings summary and ratings history on Ovid Therapeutics Inc click here. For more ratings news on Ovid Therapeutics Inc click here.

Shares of Ovid Therapeutics Inc closed at $3.54 yesterday.

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