Ovid Therapeutics (NASDAQ:OVID) Stock Has Consensus Target Price of $6.00

Shares of Ovid Therapeutics (NASDAQ:OVID) have earned a consensus rating of “Moderate Buy” from the thirteen brokerages that are covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, eleven have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $6.00.

Several equities research analysts have recently issued reports on the stock. Guggenheim began coverage on shares of Ovid Therapeutics in a research report on Tuesday, October 6th. They set a “buy” rating and a $7.00 price objective on the stock. Oppenheimer increased their price objective 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. B. Riley Financial reaffirmed a “buy” rating on shares of Ovid Therapeutics in a report on Tuesday, July 21st. Wall Street Zen raised Ovid Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. Finally, Cantor Fitzgerald assumed coverage on Ovid Therapeutics in a report on Friday, October 9th. They set an “overweight” rating for the company.

Institutional Investors Weigh In On Ovid Therapeutics

A number of hedge funds have recently bought and sold shares of the business. Legal & General Group Plc purchased a new stake in shares of Ovid Therapeutics during the 2nd quarter valued at about $40,000. State of Wyoming purchased a new position in Ovid Therapeutics in the first quarter worth about $49,000. StoneX Group Inc. purchased a new position in Ovid Therapeutics in the third quarter worth about $51,000. E Fund Management Co. Ltd. bought a new position in shares of Ovid Therapeutics during the 2nd quarter valued at approximately $52,000. Finally, Focus Partners Advisor Solutions LLC purchased a new position in Ovid Therapeutics during the second quarter worth $54,000. Hedge funds and other institutional investors own 72.24% of the company’s stock.

Ovid Therapeutics Stock Performance

NASDAQ:OVID opened at $2.85 on Friday. The stock has a 50-day moving average price of $2.51 and a 200 day moving average price of $2.38. The stock has a market capitalization of $556.61 million, a P/E ratio of -9.19 and a beta of 0.24. Ovid Therapeutics has a 12-month low of $1.18 and a 12-month high of $3.11. The company has a current ratio of 12.39, a quick ratio of 12.39 and a debt-to-equity ratio of 0.05.

Ovid Therapeutics (NASDAQ:OVID) last posted its quarterly earnings results on Thursday, August 13th. The company reported ($0.08) EPS for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.04. The business had revenue of $0.73 million during the quarter, compared to analysts’ expectations of $0.02 million. Equities research analysts forecast that Ovid Therapeutics will post -0.37 EPS for the current fiscal year.

Ovid Therapeutics Company Profile

Ovid Therapeutics Inc is a clinical-stage biopharmaceutical company focused on developing medicines for epilepsies and other disorders of the central nervous system. The company’s research has concentrated on conditions with significant unmet medical needs, including rare epileptic and neurodevelopmental disorders.

Ovid’s pipeline has included soticlestat, an investigational therapy developed in collaboration with Takeda Pharmaceutical Company for developmental and epileptic encephalopathies such as Dravet syndrome and Lennox-Gastaut syndrome.