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

Core Insights - Takeda Pharmaceutical Company Limited announced that its trial of soticlestat for Dravet syndrome (DS) and Lennox-Gastaut syndrome (LGS) narrowly missed its primary endpoints [1] Group 1: Company Performance - Ovid Therapeutics' stock (NASDAQ:OVID) is experiencing significant declines, with a drop of 69% as of Monday afternoon following the trial results from Takeda [5] - Heavy trading activity is noted, with over 13 million shares changing hands, significantly above the daily average of approximately 184,000 shares [3] Group 2: Financial Implications - Ovid Therapeutics sold its rights to soticlestat to Takeda, which means it will not receive any royalty or milestone payments from the drug [5] - Despite missing the primary endpoint, there are indications of effect in the secondary endpoints for DS patients, and Takeda is evaluating the data for regulatory guidance [5]