Ovid Therapeutics (NASDAQ:OVID) Price Target Raised to $9.00

Ovid Therapeutics (NASDAQ:OVID) had its price objective upped by Oppenheimer from $7.00 to $9.00 in a research report released on Monday morning,Benzinga reports. Oppenheimer currently has an outperform rating on the stock.

OVID has been the topic of a number of other research reports. B. Riley Financial reaffirmed a “buy” rating on shares of Ovid Therapeutics in a research note on Tuesday, July 21st. Wedbush reiterated an “outperform” rating and issued a $7.00 target price on shares of Ovid Therapeutics in a research note on Wednesday, April 15th. Weiss Ratings reissued a “sell (d-)” rating on shares of Ovid Therapeutics in a report on Friday, July 17th. HC Wainwright raised their price target on shares of Ovid Therapeutics from $2.00 to $4.00 and gave the company a “buy” rating in a research report on Thursday, April 9th. Finally, Roth Capital reaffirmed a “buy” rating and issued a $7.00 price objective on shares of Ovid Therapeutics in a report on Thursday, May 14th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $5.38.

Ovid Therapeutics Stock Up 3.1%

Shares of OVID opened at $2.62 on Monday. Ovid Therapeutics has a 52 week low of $0.48 and a 52 week high of $3.11. The company has a quick ratio of 10.17, a current ratio of 10.17 and a debt-to-equity ratio of 0.06. The company has a market capitalization of $489.00 million, a price-to-earnings ratio of -9.03 and a beta of 0.21. The stock’s 50-day moving average price is $2.45 and its 200-day moving average price is $2.26.

Ovid Therapeutics (NASDAQ:OVID) last posted its 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 return on equity of 22.51% and a negative net margin of 240.11%. On average, sell-side analysts predict that Ovid Therapeutics will post -0.5 EPS for the current year.

Institutional Trading of Ovid Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the business. Ally Bridge Group NY LLC increased its holdings in Ovid Therapeutics by 57.9% in the 1st 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 in the last quarter. Affinity Asset Advisors LLC lifted its holdings in Ovid Therapeutics by 48.8% during the first quarter. Affinity Asset Advisors LLC now owns 10,636,318 shares of the company’s stock valued at $23,613,000 after purchasing an additional 3,486,318 shares in the last quarter. ADAR1 Capital Management LLC lifted its holdings in Ovid Therapeutics by 6.0% during the first quarter. ADAR1 Capital Management LLC now owns 4,544,113 shares of the company’s stock valued at $10,088,000 after purchasing an additional 259,113 shares in the last quarter. Janus Henderson Group PLC purchased a new position in Ovid Therapeutics during the first quarter valued at $23,732,000. Finally, Eventide Asset Management LLC acquired a new stake in shares of Ovid Therapeutics in the fourth quarter valued at about $6,985,000. 72.24% of the stock is currently 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.