Ovid plummets on Angelman syndrome study results

More than a third was wiped off the market value of US biotech Ovid Therapeutics (Nasdaq: OVID) on Monday.

The slide followed news on the Phase II STARS trial of OV101 for the treatment of Angelman syndrome, a rare genetic disorder with symptoms including delayed development, intellectual disability, severe speech impairment, problems with movement and balance, seizures, sleep disorders and anxiety.

There are currently no US Food and Drug Administration-approved treatments for Angelman syndrome, and STARS is the first industry-sponsored, randomized, double-blind, placebo-controlled clinical trial for the disorder.