Ovid Therapeutics Inc (NASDAQ:OVID) rose 8.9% on Tuesday . The company traded as high as $1.98 and last traded at $1.96. Approximately 1,654,588 shares traded hands during mid-day trading, an increase of 436% from the average daily volume of 308,934 shares. The stock had previously closed at $1.80.

OVID has been the subject of a number of research analyst reports. JMP Securities cut their price target on shares of Ovid Therapeutics from $26.00 to $11.00 and set an “outperform” rating for the company in a report on Friday, March 8th. Piper Jaffray Companies cut their price target on shares of Ovid Therapeutics to $14.00 and set an “overweight” rating for the company in a report on Sunday, March 10th. LADENBURG THALM/SH SH set a $27.00 price target on shares of Ovid Therapeutics and gave the company a “buy” rating in a report on Friday, March 8th. Finally, Zacks Investment Research raised shares of Ovid Therapeutics from a “hold” rating to a “buy” rating and set a $3.00 price target for the company in a report on Saturday, January 5th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $12.80.

The firm has a market cap of $68.41 million, a price-to-earnings ratio of -0.93 and a beta of 1.96.

Ovid Therapeutics (NASDAQ:OVID) last posted its quarterly earnings data on Thursday, March 7th. The company reported ($0.52) EPS for the quarter, beating analysts’ consensus estimates of ($0.55) by $0.03. Research analysts anticipate that Ovid Therapeutics Inc will post -1.89 EPS for the current fiscal year.

In other Ovid Therapeutics news, CEO Jeremy M. Levin acquired 75,000 shares of Ovid Therapeutics stock in a transaction dated Friday, February 22nd. The stock was bought at an average cost of $2.00 per share, with a total value of $150,000.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 43.90% of the company’s stock.

A number of hedge funds have recently modified their holdings of OVID. Rhumbline Advisers lifted its position in Ovid Therapeutics by 47.2% in the fourth quarter. Rhumbline Advisers now owns 16,551 shares of the company’s stock worth $40,000 after purchasing an additional 5,310 shares during the period. SG Americas Securities LLC bought a new position in Ovid Therapeutics in the fourth quarter worth $46,000. Two Sigma Investments LP bought a new position in Ovid Therapeutics in the fourth quarter worth $114,000. Dimensional Fund Advisors LP lifted its position in Ovid Therapeutics by 11.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 87,257 shares of the company’s stock worth $211,000 after purchasing an additional 8,995 shares during the period. Finally, Geode Capital Management LLC lifted its position in Ovid Therapeutics by 7.1% in the fourth quarter. Geode Capital Management LLC now owns 95,865 shares of the company’s stock worth $231,000 after purchasing an additional 6,391 shares during the period. 17.69% of the stock is owned by hedge funds and other institutional investors.

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About Ovid Therapeutics (NASDAQ:OVID)

Ovid Therapeutics Inc, a biopharmaceutical company, develops impactful medicines for patients and families with neurological disorders in the United States. The company is developing OV101, a drug candidate, which has completed Phase II clinical trial for adults with angelman syndrome; and Phase I clinical trial for adolescents with angelman syndrome or fragile X syndrome.

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