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Summary
- Ovid stocks surged 38.5 per cent to C$4.10 per share in the early session on Wednesday.
- It is set to receive $856 million from Takeda (NYSE:TAK) in licensing agreement.
- Cohen Inc. recently announced its monthly distribution of long- and short-term capital gains.
US companies, Ovid Therapeutics Inc and Cohen & Steers Total Return Realty Fund Inc., were trending on Yahoo and Google on Wednesday after they announced capital gains and new deals last week.
The stock of the biotechnology company surged 38.5 per cent to C$4.10 at 11:48 am ET, while the financial firm also saw significant interest from investors, evident from the search engine trends.
Ovid manufactures drugs for various neurological disorders, such as intellectual disability, speech impairment, and movement problems. Cohen focuses on high returns from real estate investments.
Here’s a look at some of the recent developments of these two companies.
Ovid Therapeutics Inc (NASDAQ:OVID)
Ovid had last month provided global rights to Takeda Pharmaceutical Company Limited (NYSE:TAK) to develop and commercialize soticlestat, a treatment for children suffering from Dravet syndrome.
The company will receive C$856 million, including an upfront C$196 million from Takeda in payments and royalties as part of the deal. Takeda, on the other hand, would initiate a phase three study on Dravet syndrome in the second quarter of 2021 following the agreement.
Ovid stocks saw their highest trade volume, recording 92 million shares, in the early session on Wednesday. Its 10-day and 30-day average volumes had been 1.7 million and 2.4 million, respectively. The Ovid stock value surged nearly 40 per cent in the last three months.
In the third quarter, ended September 30, 2020, the company reported revenue growth of C$6.9 million, compared to zero in the corresponding period of 2019. The growth was due to the payment of $20 million received from Angelini Pharma Rare Diseases AG in a licensing agreement.
Ovid, which has a market cap of C$260 million, was added to NASDAQ’s Biotechnology Index (Nasdaq:NBI) on December 21, 2020.
©Kalkine Group 2021
Cohen & Steers Total Return Realty Fund Inc. (NYSE:RFI)
Cohen is a financial and asset management company that specializes in real estate securities and global infrastructure funds. Its stocks were priced at C$14.067 per share at 11:55 am ET on Wednesday, which was slightly down at 0.165 per cent.
The stock gained 5 per cent in the last three months.
Cohen Inc had recently appointed Joseph M. Harvey, who has been a president and board member of the company, as the acting CEO after Co-Founder Roberts Steers, who was playing that role, went on medical leave. The Fund had recently announced its monthly distributions of long- and short-term capital gains. The non-taxable returns included income from various investments.
Cohen Inc. has a market capitalization of 368.79 million.
