Ovid Therapeutc (NASDAQ:OVID) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Thursday. The firm currently has a $11.00 price target on the stock. Zacks Investment Research‘s price objective suggests a potential upside of 14.11% from the company’s current price.

According to Zacks, “Ovid Therapeutics Inc. is a biopharmaceutical company. It engaged in developing therapies for patients with rare neurological disorders. The company’s product pipeline consists of OV101, is currently in development for the treatment of symptoms of Angelman syndrome and Fragile X syndrome. It also involved in developing OV935 in collaboration with Takeda Pharmaceutical Company Limited for the treatment of rare epileptic encephalopathies. Ovid Therapeutics Inc. is based in New York, United States. “

Ovid Therapeutc (NASDAQ OVID) traded up $0.21 during mid-day trading on Thursday, reaching $9.64. 15,183 shares of the company’s stock traded hands, compared to its average volume of 67,601. Ovid Therapeutc has a 12 month low of $5.28 and a 12 month high of $15.93.

Ovid Therapeutc (NASDAQ:OVID) last announced its quarterly earnings results on Thursday, November 9th. The company reported ($0.38) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.54) by $0.16. sell-side analysts predict that Ovid Therapeutc will post -4.08 EPS for the current fiscal year.

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In other Ovid Therapeutc news, CEO Jeremy M. Levin purchased 15,334 shares of the business’s stock in a transaction that occurred on Friday, August 25th. The stock was purchased at an average price of $7.15 per share, for a total transaction of $109,638.10. Following the purchase, the chief executive officer now directly owns 4,601,529 shares in the company, valued at $32,900,932.35. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Institutional investors have recently modified their holdings of the company. Jennison Associates LLC acquired a new position in Ovid Therapeutc in the second quarter valued at approximately $6,739,000. Alps Advisors Inc. acquired a new position in Ovid Therapeutc in the second quarter valued at approximately $233,000. Sphera Funds Management LTD. acquired a new position in Ovid Therapeutc in the second quarter valued at approximately $3,042,000. Ameriprise Financial Inc. purchased a new stake in Ovid Therapeutc in the second quarter valued at approximately $3,761,000. Finally, Victory Capital Management Inc. purchased a new stake in Ovid Therapeutc in the second quarter valued at approximately $1,374,000. Institutional investors and hedge funds own 32.15% of the company’s stock.

About Ovid Therapeutc

Ovid Therapeutics Inc (Ovid) is a biopharmaceutical company. The Company is engaged in developing medicines for patients and families living with rare neurological disorders. Its lead drug candidate is OV101. The Company’s second lead drug candidate is OV935. OV101 (gaboxadol) is a delta-selective GABAA receptor agonist.

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