Ovid falls on Phase II data for Angelman syndrome candidate

Ovid Therapeutics Inc. (NASDAQ:OVID) fell $3.44 (36%) to $6.08 on Monday after reporting that gaboxadol (OV101) failed to significantly improve prespecified efficacy measures of behavior, sleep and gait in the Phase II STARS trial to treat Angelman syndrome. The company said one dose regimen of the candidate did significantly improve the first prespecified efficacy endpoint of physician-rated Clinical Global Impression of Improvement (CGI-I) score from baseline to week 12 vs. placebo.

Angelman syndrome is a rare genetic disorder characterized by severe impairment in behavior, learning, verbal communication, motor skills and sleep. There are no FDA-approved therapies for the indication...