B. Riley Lifts Ovid Therapeutics (OVID) PT to $5 on Strong OV329 Phase 1 Data

Core Insights - Ovid Therapeutics Inc. has been identified as a promising investment opportunity with significant upside potential, particularly following a price target increase by B. Riley from $3 to $5, maintaining a Buy rating on the shares [1][2] Company Overview - Ovid Therapeutics Inc. is a biopharmaceutical company focused on developing effective treatments for patients with epilepsies and seizure-related neurological disorders in the United States [3] Recent Developments - The increase in price target is attributed to strong Phase 1 biomarker results for OV329, which demonstrated superior efficacy compared to vigabatrin without the associated ocular toxicity [1][2] - The favorable profile of OV329 supports its use in earlier lines of treatment, with the potential to expand its market to over $700 million [2] - The company has also secured a $175 million PIPE financing, which enhances its balance sheet and extends its cash runway into 2028 [2]