JMP Securities analyst Jason Butler lowered his price target for Ovid Therapeutics to $11 from $26 to reflect equity dilution following last month’s equity offering. He maintains an Outperform rating on the stock following the company’s quarterly update, noting that the company remains on track to initiate the Phase 3 trial for OV101 in Angelman syndrome in the second half of this year and he anticipates results from the ARCADE trial of OV935 in severe pediatric epilepsies by the end of 2019.
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