Ovid Therapeutics Inc. (NASDAQ:OVID) Receives $2.78 Average Target Price from Analysts

Ovid Therapeutics Inc. (NASDAQ:OVID) has been assigned a consensus rating of “Buy” from the seven ratings firms that are covering the company, Marketbeat reports. One research analyst has rated the stock with a hold recommendation, five have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $2.78.

Several brokerages recently issued reports on OVID. BTIG Research cut their price objective on shares of Ovid Therapeutics from $5.00 to $4.00 and set a “buy” rating on the stock in a report on Monday, March 24th. William Blair raised Ovid Therapeutics to a “strong-buy” rating in a research report on Thursday, April 24th. Wedbush reissued an “outperform” rating and issued a $3.00 price target (down from $4.00) on shares of Ovid Therapeutics in a research report on Wednesday, March 12th. Finally, HC Wainwright decreased their price objective on Ovid Therapeutics from $2.00 to $1.50 and set a “buy” rating for the company in a research note on Tuesday, May 27th.

Ovid Therapeutics Stock Down 3.1%

Shares of NASDAQ:OVID opened at $0.28 on Wednesday. The stock has a market cap of $19.93 million, a P/E ratio of -0.60 and a beta of 0.08. The company has a quick ratio of 5.66, a current ratio of 5.66 and a debt-to-equity ratio of 0.18. Ovid Therapeutics has a 52-week low of $0.24 and a 52-week high of $1.47. The business’s 50 day moving average is $0.30 and its 200 day moving average is $0.57.

Ovid Therapeutics (NASDAQ:OVID) last issued its earnings results on Tuesday, May 13th. The company reported ($0.14) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.14). Ovid Therapeutics had a negative net margin of 5,142.56% and a negative return on equity of 39.24%. The company had revenue of $0.13 million for the quarter, compared to analysts’ expectations of $0.03 million. Sell-side analysts predict that Ovid Therapeutics will post -0.4 EPS for the current year.

Institutional Trading of Ovid Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the business. Rhumbline Advisers grew its stake in Ovid Therapeutics by 22.3% during the 4th quarter. Rhumbline Advisers now owns 84,078 shares of the company’s stock worth $79,000 after buying an additional 15,355 shares during the last quarter. SG Americas Securities LLC grew its stake in shares of Ovid Therapeutics by 83.9% during the fourth quarter. SG Americas Securities LLC now owns 37,636 shares of the company’s stock worth $35,000 after acquiring an additional 17,172 shares during the last quarter. Kennedy Capital Management LLC increased its holdings in shares of Ovid Therapeutics by 1.1% during the fourth quarter. Kennedy Capital Management LLC now owns 1,545,387 shares of the company’s stock valued at $1,443,000 after acquiring an additional 17,402 shares in the last quarter. Bank of America Corp DE raised its position 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 valued at $53,000 after purchasing an additional 18,841 shares during the last quarter. Finally, Renaissance Technologies LLC raised its position in shares of Ovid Therapeutics by 142.0% in the 4th quarter. Renaissance Technologies LLC now owns 107,700 shares of the company’s stock valued at $101,000 after purchasing an additional 63,200 shares during the last quarter. Hedge funds and other institutional investors own 72.24% of the company’s stock.

About Ovid Therapeutics

Ovid Therapeutics Inc, a biopharmaceutical company, engages in the development of impactful medicines for patients and families with epilepsies and seizure-related neurological disorders in the United States. The company is developing soticlestat, a novel cholesterol 24 hydroxylase inhibitor, which is in Phase 3 clinical trials for the potential treatment of patients with resistant epilepsies; OV329, a GABA aminotransferase inhibitor which is in Phase 1 clinical trials for the treatment of seizures associated with tuberous sclerosis complex and infantile spasms; and OV350, a small molecule direct activator of the KCC2 transporter, which is in Phase 1 clinical trials for treating epilepsies.