Ovid Therapeutics shares surge 14.43% intraday after positive OV329 Phase 1 data and $60M private placement for TSC and infantile spasms expansion.

Ovid Therapeutics surged 14.43% intraday following multiple positive developments. The company announced favorable Phase 1 safety data for its next-generation GABA-AT inhibitor OV329, including no treatment-related adverse events at the 7 mg dose and no retinal toxicity, reinforcing its potential best-in-category profile. Concurrently, Ovid secured a $60 million private placement led by Point72 and other investors, funding expansion of OV329 into tuberous sclerosis complex seizures and infantile spasms. Additionally, OV4071, a KCC2 activator, cleared Phase 1 in Australia. These updates, coupled with stronger-than-expected Q4 earnings and revenue, signaled progress in its pipeline and financial stability, driving investor optimism.