Ovid Therapeutics price target lowered to $4 from $5 at BTIG

BTIG analyst Thomas Shrader lowered the firm’s price target on Ovid Therapeutics (OVID) to $4 from $5 and keeps a Buy rating on the shares after its Q4 results. The management team is leaving no stone unturned to try to maximize the chances that future steps will be productive, the analyst tells investors in a research note. For OV329, topline biomarker data are expected in Q3, and this readout is expected to benefit from the growing use of TMS in measuring gross neuronal excitability in the cortex of patients, the firm added, stating however that its reduced price target reflects the development of Soticlestat having been stopped.