Ovid Therapeutics (NASDAQ:OVID) Stock Rating Lowered by Wall Street Zen

Ovid Therapeutics (NASDAQ:OVID) was downgraded by research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued to investors on Saturday.

A number of other equities analysts also recently commented on OVID. HC Wainwright upped their target price on shares of Ovid Therapeutics from $2.00 to $4.00 and gave the stock a “buy” rating in a research note on Thursday, April 9th. Roth Capital reaffirmed a “buy” rating and set a $7.00 price target on shares of Ovid Therapeutics in a research note on Thursday, May 14th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Ovid Therapeutics in a report on Friday, July 17th. B. Riley Financial reiterated a “buy” rating on shares of Ovid Therapeutics in a report on Tuesday, July 21st. Finally, Wedbush reissued an “outperform” rating and issued a $7.00 price objective on shares of Ovid Therapeutics in a research note on Wednesday, April 15th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $5.12.

Ovid Therapeutics Stock Performance

NASDAQ OVID opened at $2.33 on Friday. The company’s 50-day moving average price is $2.46 and its 200-day moving average price is $2.22. The company has a current ratio of 10.17, a quick ratio of 10.17 and a debt-to-equity ratio of 0.06. The stock has a market cap of $434.87 million, a PE ratio of -8.03 and a beta of 0.18. Ovid Therapeutics has a 12 month low of $0.47 and a 12 month high of $3.11.

Ovid Therapeutics (NASDAQ:OVID) last posted its quarterly earnings results on Tuesday, May 12th. The company reported ($0.12) EPS for the quarter, hitting the consensus estimate of ($0.12). Ovid Therapeutics had a negative net margin of 240.11% and a negative return on equity of 22.51%. Equities research analysts forecast that Ovid Therapeutics will post -0.5 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in OVID. Bank of America Corp DE raised its position in shares of Ovid Therapeutics by 49.0% in the 1st quarter. Bank of America Corp DE now owns 290,432 shares of the company’s stock worth $645,000 after acquiring an additional 95,532 shares in the last quarter. Janus Henderson Group PLC bought a new stake in Ovid Therapeutics during the first quarter valued at about $23,732,000. Ally Bridge Group NY LLC boosted its position in Ovid Therapeutics by 57.9% during the first quarter. Ally Bridge Group NY LLC now owns 2,818,459 shares of the company’s stock valued at $6,257,000 after purchasing an additional 1,033,459 shares in the last quarter. ADAR1 Capital Management LLC grew its stake in Ovid Therapeutics by 6.0% in the first quarter. ADAR1 Capital Management LLC now owns 4,544,113 shares of the company’s stock valued at $10,088,000 after purchasing an additional 259,113 shares during the last quarter. Finally, Affinity Asset Advisors LLC grew its stake in Ovid Therapeutics by 48.8% in the first quarter. Affinity Asset Advisors LLC now owns 10,636,318 shares of the company’s stock valued at $23,613,000 after purchasing an additional 3,486,318 shares during the last quarter. 72.24% of the stock is currently owned by hedge funds and other institutional investors.

Ovid Therapeutics Company Profile

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.