Ovid Therapeutics (NASDAQ:OVID) Stock Price Up 9% Following Better-Than-Expected Earnings

Ovid Therapeutics (NASDAQ:OVID) was up 9% on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $2.74 and last traded at $2.8550. Approximately 704,225 shares traded hands during trading, a decline of 72% from the average daily volume of 2,476,804 shares. The stock had previously closed at $2.62.

The company reported ($0.08) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.02. Ovid Therapeutics had a negative return on equity of 22.51% and a negative net margin of 240.11%.The firm had revenue of $0.73 million for the quarter, compared to the consensus estimate of $0.02 million.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on OVID. B. Riley Financial restated a “buy” rating on shares of Ovid Therapeutics in a research note on Tuesday, July 21st. Roth Capital reiterated a “buy” rating and issued a $7.00 price objective on shares of Ovid Therapeutics in a research note on Thursday, May 14th. Oppenheimer raised their price objective on shares of Ovid Therapeutics from $7.00 to $9.00 and gave the stock an “outperform” rating in a report on Monday, August 3rd. Wall Street Zen lowered shares of Ovid Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, July 25th. Finally, Wedbush reaffirmed an “outperform” rating and set a $7.00 target price on shares of Ovid Therapeutics in a report on Wednesday, April 15th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $5.71.

Institutional Trading of Ovid Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Ally Bridge Group NY LLC boosted its position in shares of 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 worth $6,257,000 after acquiring an additional 1,033,459 shares during the last quarter. Affinity Asset Advisors LLC increased its holdings in Ovid Therapeutics by 48.8% in the 1st quarter. Affinity Asset Advisors LLC now owns 10,636,318 shares of the company’s stock valued at $23,613,000 after acquiring an additional 3,486,318 shares during the last quarter. Janus Henderson Group PLC bought a new stake in Ovid Therapeutics in the 1st quarter valued at $23,732,000. ADAR1 Capital Management LLC lifted its stake in Ovid Therapeutics by 6.0% in the 1st quarter. ADAR1 Capital Management LLC now owns 4,544,113 shares of the company’s stock worth $10,088,000 after purchasing an additional 259,113 shares in the last quarter. Finally, Eventide Asset Management LLC purchased a new stake in Ovid Therapeutics in the 4th quarter worth $6,985,000. 72.24% of the stock is owned by hedge funds and other institutional investors.

Ovid Therapeutics Price Performance

The firm’s fifty day simple moving average is $2.46 and its 200 day simple moving average is $2.30. The firm has a market cap of $532.86 million, a P/E ratio of -9.74 and a beta of 0.21. The company has a debt-to-equity ratio of 0.06, a quick ratio of 10.17 and a current ratio of 10.17.

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.