Ovid Therapeutics (NASDAQ:OVID) news for Wednesday concerning results from a recent clinical trial have OVID stock taking a beating.
An Ovid Therapeutics news release reveals that the company’s Phase 3 clinical trial of OV101 to treat Angelman syndrome didn’t meet its primary endpoint. This endpoint was for improving scores on the Clinical Global Impression-Improvement-Angelman syndrome scale.
Ovid Therapeutics notes that the secondary endpoints of the study concerned “sleep, communication, motor function, socialization, daily living skills and behavior domains.” The final results for these aren’t in, but early results point toward no difference when compared to a placebo.
As a result of these poor results, Ovid Therapeutics has put its OV101 Angelman syndrome program on hold. The company will decide what to do after getting the full results from the trial and concluding discussions with the U.S. Food and Drug Administration.
Jeremy Levin, DPhil, MB, BChir, chairman and CEO of Ovid Therapeutics, said this about the news.
“We are deeply disappointed with the outcome of the NEPTUNE trial which did not achieve its primary endpoint. Other than the ongoing ELARA study, we plan to pause our OV101 program in Angelman syndrome pending a full understanding of this outcome and discussions with regulators and investigators.”
Ovid Therapeutics is seeing heavy trading following the bad news. As of this writing, more than 8 million shares of OVID stock have changed hands. For comparison, the daily average trading volume for the stock is about 633,000 shares.
OVID stock was down 55.3% as of noon Wednesday.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.