In a report released yesterday, Thomas Shrader from BTIG maintained a Buy rating on Ovid Therapeutics (OVID – Research Report), with a price target of $4.00.
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Thomas Shrader has given his Buy rating due to a combination of factors that highlight the potential of Ovid Therapeutics’ OV329 drug. The detailed R&D event for OV329 provided a clear outline of the expected changes in biomarkers, which are anticipated to demonstrate increased GABA levels. This is particularly significant as the readouts, such as magnetic resonance spectroscopy, transcranial magnetic stimulation, and EEG, are expected to offer comprehensive insights into the drug’s efficacy and safety, especially when compared to its predecessor, Vigabatrin.
Moreover, OV329 shows promising advantages over Vigabatrin, including efficacy at significantly lower doses and no evidence of ocular accumulation, which has been a concern with Vigabatrin. These factors, combined with the strategic development of Ovid’s pipeline, including the OV350 drug for psychosis associated with Parkinson’s disease and Lewy body dementia, contribute to a positive outlook. The valuation of Ovid using a discounted cash flow model further supports the Buy rating, reflecting confidence in the company’s future growth and potential.
Shrader covers the Healthcare sector, focusing on stocks such as Novavax, Ovid Therapeutics, and NRX Pharmaceuticals. According to TipRanks, Shrader has an average return of 0.1% and a 34.64% success rate on recommended stocks.