OVID Stock Soars 40% in 2 Sessions on Preliminary Drug Results

OVID stock

OVID stock is one of the biggest penny stock gainers in the biotech sector this week after Ovid Therapeutics Inc (NASDAQ:OVID) reported preliminary results from a Phase 2 open-label extension study.

Positive Momentum

Ovid Therapeutics has been one of the more interesting companies in the therapeutics space this year and has made important strides as a business so far. In a new development, the company yesterday announced that it has received the preliminary results from the Phase 2 study of its product OV925/TAK-935 or soticlestat.

The tests have been performed on patients for up to 48 weeks, and it has revealed that there has been a meaningful reduction in the onset of seizures. The seizures were reduced by as much as 84% in the first 25 to 36 weeks. On the other hand, the reduction from 37 to 48 weeks, it stood at 90%. Both percentages denote to median values of reductions.

Most importantly, Ovid announced that the results are positive with regards to the data and that has resulted in a rally in the stock this week. It is a nano-cap company with low volume. However, OVID stock has managed to climb by as much as 40% in the past two trading sessions. In fact, the stock is up 27% at $3.12 in today’s session.

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The company is creating this medicine in collaboration with Takeda Pharmaceutical Company (OTCPK:TKPHF), and it goes without saying that this is a positive development for both companies. Ovid Therapeutics has revealed that the longest a patient went without a seizure during the tests was 248 days.

These are highly important developments for Ovid as a company, and that should result in OVID stock getting more interest from investors in the coming weeks. The Head of Research and the Chief Medical Officer at the company, Dr. Amit Rakhit, revealed information with regards to further progress about the product:

“We look forward to additional progress in our broad DEE clinical development program including initial data from the ARCADE study expected in Q1 2020 and topline results from the randomized ELEKTRA study now expected in 2H 2020 as a result of robust enrollment.”

OVID stock has more than doubled from its 52-week low of $1.53 in early June.

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Featured image: DepositPhotos © mikkolem

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