Ovid Therapeutics Inc. (OVID) shares gained 13.18 percent to $2.2750, rising $0.2650 on Wednesday, after the company announced positive pipeline updates and a private placement financing.
The stock is currently trading at $2.2750 compared with its previous close of $2.0100. Shares opened at $2.3800 and traded between $2.2200 and $2.5000 during the session on the Nasdaq. Trading volume reached about 35.22 million shares, far above the average volume of about 1.63 million shares.
Ovid reported favorable topline safety, tolerability and pharmacokinetics data from the 7 mg dose cohort of OV329, its next-generation GABA-aminotransferase inhibitor, and said it will expand development of the candidate into tuberous sclerosis complex seizures and infantile spasms.
The company also announced a private placement expected to generate gross proceeds of $60 million and said it plans to begin a Phase 1 trial for OV4071, an oral KCC2 activator.
The stock has traded in a 52-week range of $0.2430 to $2.5000.
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