William Blair analyst Myles Minter has maintained their bullish stance on OVID stock, giving a Buy rating yesterday.
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Myles Minter has given his Buy rating due to a combination of factors related to Ovid Therapeutics’ promising developments with their OV329 compound. The focus on OV329, a GABA aminotransferase inhibitor, during the company’s R&D Day highlighted its potential in treating drug-resistant epilepsy, with Phase I data expected to provide significant insights into its efficacy.
The use of biomarkers in the Phase I study is expected to offer a deeper understanding of OV329’s engagement with its target and its pharmacodynamic activity, which could be more informative than traditional safety studies. The anticipation of these results, along with the potential for OV329 to advance into Phase II trials for focal onset seizures, positions the company favorably in the market, making it a compelling buy opportunity.
In another report released yesterday, BTIG also maintained a Buy rating on the stock with a $4.00 price target.