Ovid Therapeutics initiated with an Outperform at Oppenheimer

Oppenheimer initiated coverage of Ovid Therapeutics with an Outperform rating and $8 price target. Key soticlestat pivotal data for Dravet syndrome and Lennox-Gastaut syndrome are “around the corner,” estimated to be released in the first half of 2024, and the company also has “an overlooked CNS pipeline,” the analyst tell investors. Given positive Phase 2 data, the firm expects positive Phase 3 pivotal readouts and believes soticlestat is “well-positioned to enter the epilepsy polypharmacy treatment paradigm,” the analyst added.