Ovid Therapeutics (NASDAQ:OVID) Trading Up 7.3% – Here’s What Happened

Ovid Therapeutics (NASDAQ:OVID)’s stock price rose 7.3% during trading on Wednesday . The stock traded as high as $1.67 and last traded at $1.62. Approximately 2,023,762 shares changed hands during mid-day trading, an increase of 54% from the average daily volume of 1,310,932 shares. The stock had previously closed at $1.51.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. Lifesci Capital initiated coverage on shares of Ovid Therapeutics in a research note on Monday, December 22nd. They issued an “outperform” rating and a $4.00 price objective for the company. Wall Street Zen downgraded Ovid Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, January 17th. HC Wainwright reiterated a “buy” rating and issued a $2.00 target price on shares of Ovid Therapeutics in a research note on Monday, December 22nd. Weiss Ratings reissued a “sell (d-)” rating on shares of Ovid Therapeutics in a research report on Thursday, January 22nd. Finally, Roth Mkm began coverage on shares of Ovid Therapeutics in a report on Thursday, December 11th. They issued a “buy” rating and a $3.00 price target on the stock. Two investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Ovid Therapeutics presently has an average rating of “Buy” and an average target price of $3.88.

Ovid Therapeutics Trading Up 7.3%

The company has a 50 day moving average of $1.61 and a two-hundred day moving average of $1.46. The stock has a market capitalization of $115.36 million, a PE ratio of -3.24 and a beta of 0.25. The company has a debt-to-equity ratio of 0.28, a quick ratio of 4.24 and a current ratio of 4.24.

Hedge Funds Weigh In On Ovid Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of OVID. Benin Management CORP purchased a new stake in Ovid Therapeutics during the 4th quarter worth approximately $31,000. Private Advisor Group LLC purchased a new stake in shares of Ovid Therapeutics during the third quarter valued at $33,000. Apollon Wealth Management LLC purchased a new stake in shares of Ovid Therapeutics during the third quarter valued at $36,000. Jane Street Group LLC acquired a new position in shares of Ovid Therapeutics in the 2nd quarter valued at $47,000. Finally, Total Clarity Wealth Management Inc. purchased a new position in Ovid Therapeutics in the 4th quarter worth $47,000. 72.24% of the stock is owned by hedge funds and other institutional investors.

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.