Ovid Therapeutics (NASDAQ:OVID) Stock Jumps 9.9% – What’s Next?

Ovid Therapeutics (NASDAQ:OVID)’s stock price rose 9.9% during mid-day trading on Wednesday. The stock traded as high as $2.57 and last traded at $2.5940. Approximately 1,075,241 shares traded hands during mid-day trading, a decline of 53% from the average daily volume of 2,281,596 shares. The stock had previously closed at $2.36.

Wall Street Analysts Forecast Growth

OVID has been the topic of a number of analyst reports. Wall Street Zen raised Ovid Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. HC Wainwright boosted their target price on shares of Ovid Therapeutics from $4.00 to $5.00 and gave the company a “buy” rating in a research note on Friday, September 11th. UBS Group reissued a “buy” rating on shares of Ovid Therapeutics in a research note on Friday, September 11th. Oppenheimer upped their target price on shares of Ovid Therapeutics from $7.00 to $9.00 and gave the company an “outperform” rating in a report on Monday, August 3rd. Finally, Roth Capital reaffirmed a “buy” rating and set a $8.00 price target on shares of Ovid Therapeutics in a research note on Thursday, September 3rd. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $6.00.

Ovid Therapeutics Price Performance

The company has a market capitalization of $501.53 million, a price-to-earnings ratio of -8.34 and a beta of 0.22. The company has a fifty day simple moving average of $2.61 and a two-hundred day simple moving average of $2.57. The company has a debt-to-equity ratio of 0.05, a quick ratio of 12.39 and a current ratio of 12.39.

Ovid Therapeutics (NASDAQ:OVID) last posted its quarterly earnings data on Thursday, August 13th. The company reported ($0.08) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.12) by $0.04. The business had revenue of $0.73 million for the quarter, compared to analyst estimates of $0.02 million. As a group, research analysts anticipate that Ovid Therapeutics will post -0.37 earnings per share for the current year.

Hedge Funds Weigh In On Ovid Therapeutics

Large investors have recently added to or reduced their stakes in the business. Legal & General Group Plc acquired a new stake in Ovid Therapeutics in the 2nd quarter worth about $40,000. E Fund Management Co. Ltd. acquired a new position in shares of Ovid Therapeutics during the 2nd quarter valued at about $52,000. Sovereign Financial Group Inc. increased 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 valued at $67,000 after acquiring an additional 20,000 shares during the last quarter. Focus Partners Advisor Solutions LLC acquired a new position in shares of Ovid Therapeutics during the 2nd quarter valued at about $54,000. Finally, Stonepine Capital Management LLC purchased a new position in shares of Ovid Therapeutics during the 2nd quarter worth about $57,297. 72.24% of the stock is currently owned by hedge funds and other institutional investors.

Ovid Therapeutics Company Profile

Ovid Therapeutics Inc is a clinical-stage biopharmaceutical company focused on developing medicines for rare neurological disorders, including epilepsies and neurodevelopmental conditions. The company’s research programs are designed to address diseases with significant unmet medical needs and limited treatment options.

Ovid has developed a pipeline of investigational therapies targeting the underlying biology of neurological disorders. Its programs have included treatments for seizure disorders such as Dravet syndrome and Lennox-Gastaut syndrome, as well as potential therapies for other rare epileptic and neurodevelopmental conditions.