Ovid Therapeutics (OVID) IPO Opens 7% Lower

Today's IPO for Ovid Therapeutics (NASDAQ: OVID) opened for trading at $14 after pricing 5,000,000 shares of its common stock at a public offering price of $15.00 per share.

In addition, Ovid Therapeutics has granted the underwriters a 30-day option to purchase up to 750,000 additional shares of common stock at the initial offering price to cover over-allotments, if any. All of the common stock is being offered by Ovid Therapeutics.

Citigroup and Cowen and Company are acting as joint book-running managers for the offering, and William Blair & Company, L.L.C. and JMP Securities are acting as co-managers for the offering.

Ovid Therapeutics is a New York-based, biopharmaceutical company developing therapies for patients with rare neurological disorders. Ovid’s drug candidate, OV101, is currently in development for the treatment of symptoms of Angelman syndrome and Fragile X syndrome. Ovid is also developing OV935 in collaboration with Takeda Pharmaceutical Company Limited for the treatment of rare epileptic encephalopathies.

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