BTIG Reiterates Buy Rating on Ovid Therapeutics Inc (OVID)

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

The analyst comments "As part of our BTIG Company Call Decoded Series, we hosted a call with Drs. Stephen Moss (Tufts University School of Medicine) and Manoj Malhotra (Ovid CMO). Dr. Moss focuses on the pharmacology of GABA receptors, while Dr. Malhotra remains active in treating epilepsy patients in addition to his Ovid responsibilities. The neurosteroids are positive allosteric modulators (PAMs) of the GABA receptors that have been disappointing in both major depressive disorder (MDD) and status epilepticus (SE). These failures put in question the therapeutic hypothesis that hitting extra-synaptic GABA receptors with PAMs that also hit synaptic GABA receptors will generate an attractive therapeutic window. In background, the PAM approach is complex due to the myriad of subtypes of GABA receptors (pentamers of 19 different subunits in humans), and positive allosteric modulators (PAM) that generally activate all these receptors may be dose-limited by the expected GABA-related side effects of fatigue and somnolence. The promise of the PAM approach is that these activators are "governed" in their receptor activation, relative to outright activators, but the neurosteroid class of PAM may still come up short due to receptor subclass specificity. By contrast, the two OVID molecules are much less dependent on their interactions with specific receptors as neither directly binds the GABA receptor."

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 $3.15 yesterday.

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