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.
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. is a biopharmaceutical company that develops impactful medicines for patients and families with epilepsies and seizure-related neurological disorders in the US.
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This article is originally published at Insider Monkey.
