Ovid Therapeutics shares surge 10.87% after-hours on $60M financing and positive OV329 Phase 1 data for epilepsy expansion.

Ovid Therapeutics surged 10.87% in after-hours trading following multiple positive developments. The company announced $60 million in private financing to expand its OV329 epilepsy program into tuberous sclerosis complex and infantile spasms, alongside Phase 1 data showing favorable safety and tolerability at a 7 mg dose. Analysts at B.Riley and Wedbush raised price targets to $5 and $7, respectively, citing strong clinical progress, a robust cash runway through 2029, and expanded indications. A valuation analysis highlighted an intrinsic fair value of $6.90, suggesting significant undervaluation despite recent gains. These factors—clinical milestones, funding security, and analyst optimism—collectively drove investor confidence, fueling the sharp after-hours rally.