Ovid Therapeutics (NASDAQ:OVID) Issues Quarterly Earnings Results, Beats Expectations By $0.16 EPS

Ovid Therapeutics (NASDAQ:OVID) issued its earnings results on Tuesday. The company reported $0.06 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.16, FiscalAI reports. Ovid Therapeutics had a negative return on equity of 63.79% and a negative net margin of 550.04%.The business had revenue of $0.72 million during the quarter, compared to the consensus estimate of $0.06 million.

Ovid Therapeutics Trading Up 3.1%

NASDAQ OVID opened at $2.01 on Wednesday. The company has a quick ratio of 4.24, a current ratio of 4.24 and a debt-to-equity ratio of 0.28. Ovid Therapeutics has a 52 week low of $0.24 and a 52 week high of $2.37. The business has a 50 day moving average price of $1.66 and a 200-day moving average price of $1.55. The company has a market cap of $143.13 million, a price-to-earnings ratio of -4.02 and a beta of 0.25.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Weiss Ratings restated a “sell (d-)” rating on shares of Ovid Therapeutics in a report on Thursday, January 22nd. HC Wainwright reiterated a “buy” rating and issued a $2.00 price objective on shares of Ovid Therapeutics in a research note on Monday, December 22nd. Wall Street Zen downgraded shares of Ovid Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, January 17th. Roth Mkm began coverage on shares of Ovid Therapeutics in a research note on Thursday, December 11th. They set a “buy” rating and a $3.00 target price on the stock. Finally, Lifesci Capital started coverage on shares of Ovid Therapeutics in a report on Monday, December 22nd. They issued an “outperform” rating and a $4.00 price target for the company. Two research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $4.00.

Institutional Trading of Ovid Therapeutics

Several hedge funds have recently bought and sold shares of OVID. Private Advisor Group LLC acquired a new position in Ovid Therapeutics during the third quarter worth $33,000. LPL Financial LLC grew its holdings in shares of Ovid Therapeutics by 150.0% during the fourth quarter. LPL Financial LLC now owns 30,000 shares of the company’s stock valued at $49,000 after buying an additional 18,000 shares during the last quarter. Invesco Ltd. bought a new stake in shares of Ovid Therapeutics during the fourth quarter worth about $54,000. Integrated Wealth Concepts LLC bought a new stake in shares of Ovid Therapeutics during the third quarter worth about $69,000. Finally, Bank of America Corp DE raised its holdings in shares of Ovid Therapeutics by 49.7% in the 4th quarter. Bank of America Corp DE now owns 56,733 shares of the company’s stock worth $53,000 after acquiring an additional 18,841 shares during the last quarter. Institutional investors and hedge funds own 72.24% of the company’s stock.

About Ovid Therapeutics

Ovid Therapeutics is a clinical-stage biopharmaceutical company focused on the development of therapies for rare neurological disorders. Founded in 2014 and headquartered in New York, the company applies a precision medicine approach to target underlying mechanisms of disease in patients with genetic conditions affecting the central nervous system. Its research platform centers on small-molecule modulators of neurotransmitter pathways to restore neural network function in disorders with high unmet medical need.

The company’s lead development candidate, OV101 (gaboxadol), is a selective extrasynaptic GABAA receptor agonist being investigated for the treatment of Angelman syndrome and Fragile X syndrome.