What's Going On With Ovid Therapeutics After Takeda's Two Phase 3 Epilepsy Studies Fail?
Portfolio Pulse from Vandana Singh
Takeda Pharmaceutical's Phase 3 studies for Soticlestat in treating Dravet syndrome and Lennox-Gastaut syndrome failed. Ovid Therapeutics, which previously sold the rights to Takeda, will update its guidance based on Takeda's next steps. Ovid's shares dropped significantly in premarket trading.
June 17, 2024 | 12:59 pm
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NEGATIVE IMPACT
Ovid Therapeutics' shares dropped 64.1% in premarket trading following the failure of Takeda's Phase 3 studies for Soticlestat.
Ovid's stock price dropped significantly due to the failure of the studies, as the market reacts to the potential loss of milestone and royalty payments.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Takeda Pharmaceutical's Phase 3 studies for Soticlestat failed, which may impact its future plans for the drug and its stock price.
The failure of the Phase 3 studies is a significant setback for Takeda, potentially affecting its stock price negatively in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80