Ovid Therapeutics (NASDAQ:OVID) stock is falling hard on Monday after the company announced results from a Phase 3 clinical trial conducted by Takeda Pharmaceutical Company Limited (NYSE:TAK).
Takeda Pharmaceutical announced the results of its trial of soticlestat as a treatment for Dravet syndrome (DS) and Lennox-Gastaut syndrome (LGS). The bad news is that the treatment “narrowly missed” its primary endpoints in both of these cases.
This is worth noting for OVID stock as Ovid Therapeutics sold its rights to soticlestat to Takeda Pharmaceutical. This means it’s unlikely to see any royalty or milestone payments from the company.
Dr. Jeremy Levin, Chairman and CEO of Ovid Therapeutics, said the following about the news:
“While SKYLINE narrowly missed its primary endpoint, we believe there are indications of effect in the secondary endpoints and the totality of the data in DS patients. Takeda is thoughtfully evaluating that data to inform the path forward with regulatory authorities.”
OVID Stock Movement Today
Heavy trading is pulling down OVID stock on Monday. That has more than 13 million shares changing hands as of this writing. This is well above the company’s daily average trading volume of about 184,000 shares.
OVID stock is down 69% as of Monday afternoon.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
