Ovid Therapeutics (NASDAQ:OVID) Trading 7.5% Higher – Still a Buy?

Shares of Ovid Therapeutics (NASDAQ:OVID) rose 7.5% during mid-day trading on Tuesday . The company traded as high as $2.74 and last traded at $2.8060. 1,310,580 shares traded hands during trading, a decline of 51% from the average daily volume of 2,671,597 shares. The stock had previously closed at $2.61.

Analysts Set New Price Targets

OVID has been the topic of a number of recent analyst reports. HC Wainwright lifted their price objective on shares of Ovid Therapeutics from $2.00 to $4.00 and gave the company a “buy” rating in a research note on Thursday, April 9th. Wedbush reiterated an “outperform” rating and issued a $7.00 target price on shares of Ovid Therapeutics in a research report on Wednesday, April 15th. Roth Capital reissued a “buy” rating and set a $7.00 target price on shares of Ovid Therapeutics in a research note on Thursday, May 14th. BTIG Research reaffirmed a “buy” rating and issued a $4.00 price target on shares of Ovid Therapeutics in a research note on Thursday, March 26th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Ovid Therapeutics in a report on Tuesday, April 21st. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $5.12.

Ovid Therapeutics Trading Up 5.2%

The business has a fifty day moving average of $2.54 and a 200-day moving average of $2.14. The stock has a market capitalization of $512.33 million, a price-to-earnings ratio of -9.47 and a beta of 0.18. The company has a debt-to-equity ratio of 0.06, a current ratio of 10.17 and a quick ratio of 10.17.

Ovid Therapeutics (NASDAQ:OVID) last issued its quarterly earnings results on Tuesday, May 12th. The company reported ($0.12) EPS for the quarter, hitting the consensus estimate of ($0.12). Ovid Therapeutics had a negative net margin of 240.11% and a negative return on equity of 22.51%. On average, equities analysts anticipate that Ovid Therapeutics will post -0.5 earnings per share for the current fiscal year.

Institutional Trading of Ovid Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in OVID. Benin Management CORP bought a new stake in Ovid Therapeutics during the fourth quarter worth approximately $31,000. State of Wyoming bought a new position in shares of Ovid Therapeutics in the first quarter valued at $49,000. Private Advisor Group LLC acquired a new stake in shares of Ovid Therapeutics during the 3rd quarter valued at $33,000. Total Clarity Wealth Management Inc. bought a new stake in shares of Ovid Therapeutics during the 4th quarter worth $47,000. Finally, Sovereign Financial Group Inc. boosted its stake in shares of Ovid Therapeutics by 200.0% during the 1st quarter. Sovereign Financial Group Inc. now owns 30,000 shares of the company’s stock worth $67,000 after acquiring an additional 20,000 shares in the last quarter. 72.24% of the stock is owned by institutional investors and hedge funds.

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.