Why Is Ovid Therapeutics (OVID) Stock Down 69% Today?

  • Ovid Therapeutics (OVID) stock is down on Monday alongside clinical trial results.
  • A Phase 3 trial failed to reach its primary endpoint.
  • This has OVID stock down today on heavy trading.
OVID Stock - Why Is Ovid Therapeutics (OVID) Stock Down 69% Today?

Source: Shutterstock

Ovid Therapeutics (NASDAQ:OVID) stock is falling hard on Monday after the company announced results from a Phase 3 clinical trial conducted by Takeda Pharmaceutical Company Limited (NYSE:TAK).

Takeda Pharmaceutical announced the results of its trial of soticlestat as a treatment for Dravet syndrome (DS) and Lennox-Gastaut syndrome (LGS). The bad news is that the treatment “narrowly missed” its primary endpoints in both of these cases.

This is worth noting for OVID stock as Ovid Therapeutics sold its rights to soticlestat to Takeda Pharmaceutical. This means it’s unlikely to see any royalty or milestone payments from the company.

Dr. Jeremy Levin, Chairman and CEO of Ovid Therapeutics, said the following about the news:

“While SKYLINE narrowly missed its primary endpoint, we believe there are indications of effect in the secondary endpoints and the totality of the data in DS patients. Takeda is thoughtfully evaluating that data to inform the path forward with regulatory authorities.”

OVID Stock Movement Today

Heavy trading is pulling down OVID stock on Monday. That has more than 13 million shares changing hands as of this writing. This is well above the company’s daily average trading volume of about 184,000 shares.

OVID stock is down 69% as of Monday afternoon.

Investors will want to keep reading for more of the most recent stock market stories!

We have all of the hottest stock market news that investors are going to want to read about on Monday! Among that is what has shares of Mustang Bio (NASDAQ:MBIO), Allego (NYSE:ALLG) and SoFi (NASDAQ:SOFI) stock on the move today. All of that info is ready to go at the following links!

More Monday Stock Market News

On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.

Read More: Penny Stocks — How to Profit Without Getting Scammed

On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


Article printed from InvestorPlace Media, https://investorplace.com/2024/06/why-is-ovid-therapeutics-ovid-stock-down-69-today/.

©2024 InvestorPlace Media, LLC