William Blair analyst Myles Minter has maintained their bullish stance on OVID stock, giving a Buy rating today.
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Myles Minter has given his Buy rating due to a combination of factors related to Ovid Therapeutics’ promising developments and strategic decisions. A key element is the progress of Ovid’s lead program, OV329, which is currently in a Phase I study. This study is designed to provide insights into the drug’s target engagement and pharmacodynamics using biomarkers, which could significantly reduce risks associated with advancing OV329 into clinical trials for drug-resistant epilepsy. The potential of OV329 to address safety concerns associated with existing treatments, such as vigabatrin, is also a positive factor.
Minter also highlights the company’s strategic financial moves, such as the sale of its ganaxolone royalty rights, which has strengthened Ovid’s balance sheet. This transaction provides financial stability without affecting the ongoing development of OV329. Additionally, the anticipated results from the OV350 program further support the positive outlook, as these findings could inform future developments. These factors collectively underpin Minter’s Buy rating for Ovid Therapeutics.
In another report released today, Lucid Capital also initiated coverage with a Buy rating on the stock with a $5.50 price target.