Zacks Investment Research Upgrades Ovid Therapeutics (OVID) to “Buy”
Ovid Therapeutics (NASDAQ:OVID) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Saturday, Zacks.com reports. The firm currently has a $2.00 price target on the stock. Zacks Investment Research‘s target price would suggest a potential upside of 12.99% from the company’s previous close.
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. “
Other equities analysts have also issued reports about the company. LADENBURG THALM/SH SH set a $27.00 target price on Ovid Therapeutics and gave the stock a “buy” rating in a research note on Friday, March 8th. Piper Jaffray Companies decreased their target price on Ovid Therapeutics to $14.00 and set an “overweight” rating on the stock in a research note on Sunday, March 10th. Finally, JMP Securities decreased their target price on Ovid Therapeutics from $26.00 to $11.00 and set an “outperform” rating on the stock in a research note on Friday, March 8th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $12.80.
Ovid Therapeutics (NASDAQ:OVID) last announced its earnings results on Thursday, March 7th. The company reported ($0.52) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.55) by $0.03. On average, equities analysts predict that Ovid Therapeutics will post -1.89 earnings per share for the current fiscal year.
In other Ovid Therapeutics news, CEO Jeremy M. Levin bought 75,000 shares of the firm’s stock in a transaction on Friday, February 22nd. The shares were acquired at an average cost of $2.00 per share, for a total transaction of $150,000.00. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 43.90% of the stock is owned by corporate insiders.
Institutional investors have recently made changes to their positions in the company. Geode Capital Management LLC increased its position in shares of 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. Dimensional Fund Advisors LP increased its position in shares of 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. Two Sigma Investments LP bought a new position in Ovid Therapeutics in the fourth quarter valued at about $114,000. SG Americas Securities LLC bought a new position in Ovid Therapeutics in the fourth quarter valued at about $46,000. Finally, Rhumbline Advisers grew its position in Ovid Therapeutics by 47.2% in the fourth quarter. Rhumbline Advisers now owns 16,551 shares of the company’s stock valued at $40,000 after acquiring an additional 5,310 shares during the last quarter. Hedge funds and other institutional investors own 17.69% of the company’s stock.
Ovid Therapeutics Company Profile
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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