Why Ovid Therapeutics Stock Is Imploding Today
Shares of Ovid Therapeutics (NASDAQ: OVID) -- a clinical-stage biotech company -- are down by 55% as of 11:04 a.m. EST on Wednesday, after falling by as much as 56.4% earlier in the day. Investors are selling off shares of the drugmaker following negative results from a pivotal phase 3 clinical trial for one of its leading pipeline candidates, OV101.
Ovid Therapeutics focuses on developing treatments for neurological diseases, and the company was investigating OV101 as a potential medicine for Angelman syndrome. This rare genetic disorder is typically diagnosed in children and causes delayed development, sleep disorders, speech impairment, and seizures, among other things. In a phase 3 clinical trial, Ovid Therapeutics enrolled 104 patients between the ages of 2 and 12 and treated them with either OV101 or a placebo for 12 weeks.
Image source: Getty Images.
Source Fool.com