Why Ovid Therapeutics Stock Is Imploding Today

Shares of Ovid Therapeutics (NASDAQ: OVID) -- a clinical-stage biotech company -- are down by 55% as of 11:04 a.m. EST on Wednesday, after falling by as much as 56.4% earlier in the day. Investors are selling off shares of the drugmaker following negative results from a pivotal phase 3 clinical trial for one of its leading pipeline candidates, OV101. Ovid Therapeutics focuses on developing treatments for neurological diseases, and the company was investigating OV101 as a potential medicine for Angelman syndrome.