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

Ovid Therapeutics Inc. (NASDAQ:OVID) is one of the hot stocks to buy with huge upside potential. On October 10, B. Riley raised the firm’s price target on Ovid Therapeutics to $5 from $3 and kept a Buy rating on the shares. This price target lift came as a result of strong Phase 1 biomarker results for OV329, as the analyst reported. The results showed superior efficacy compared to vigabatrin, notably without the associated ocular toxicity.

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

The favorable profile supports the use of OV329 in earlier lines of treatment and has the potential to expand its market to over $700 million. Furthermore, the company’s concurrent $175 million PIPE (Private Investment in Public Equity) financing strengthens the balance sheet and extends the cash runway into 2028.

Ovid Therapeutics Inc. (NASDAQ:OVID) is a biopharmaceutical company that develops impactful medicines for patients and families with epilepsies and seizure-related neurological disorders in the US.

While we acknowledge the potential of OVID to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than OVID and that has 100x upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.