Brokerages Set Ovid Therapeutics (NASDAQ:OVID) Target Price at $3.86

Ovid Therapeutics (NASDAQ:OVID) has been assigned an average recommendation of “Buy” from the ten ratings firms that are presently covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, seven have issued a buy rating and two have given a strong buy rating to the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $3.8571.

A number of equities analysts have commented on the company. Wall Street Zen cut Ovid Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday, November 15th. Leerink Partners started coverage on Ovid Therapeutics in a research report on Monday, November 17th. They set an “outperform” rating and a $5.00 price target for the company. Oppenheimer began coverage on Ovid Therapeutics in a report on Thursday, October 9th. They issued an “outperform” rating and a $7.00 price objective on the stock. Leerink Partnrs raised shares of Ovid Therapeutics to a “strong-buy” rating in a research note on Monday, November 17th. Finally, HC Wainwright upped their target price on shares of Ovid Therapeutics from $1.50 to $2.00 and gave the stock a “buy” rating in a report on Monday, November 24th.

Institutional Trading of Ovid Therapeutics

A number of hedge funds have recently bought and sold shares of OVID. Bank of America Corp DE boosted its holdings in shares of Ovid Therapeutics by 49.7% during the 4th quarter. Bank of America Corp DE now owns 56,733 shares of the company’s stock worth $53,000 after purchasing an additional 18,841 shares during the last quarter. Private Advisor Group LLC acquired a new stake in shares of Ovid Therapeutics in the third quarter valued at approximately $33,000. Apollon Wealth Management LLC purchased a new position in Ovid Therapeutics during the third quarter worth approximately $36,000. Persistent Asset Partners Ltd acquired a new position in Ovid Therapeutics during the third quarter worth $60,000. Finally, Integrated Wealth Concepts LLC acquired a new position in Ovid Therapeutics during the third quarter worth $69,000. Institutional investors and hedge funds own 72.24% of the company’s stock.

Ovid Therapeutics Stock Performance

OVID opened at $1.47 on Tuesday. The firm’s fifty day simple moving average is $1.50 and its two-hundred day simple moving average is $1.06. Ovid Therapeutics has a 52-week low of $0.24 and a 52-week high of $2.01. The company has a market cap of $104.68 million, a price-to-earnings ratio of -2.94 and a beta of 0.04. The company has a quick ratio of 4.24, a current ratio of 4.24 and a debt-to-equity ratio of 0.28.

Ovid Therapeutics (NASDAQ:OVID) last released its quarterly earnings results on Wednesday, November 12th. The company reported ($0.17) earnings per share for the quarter, missing the consensus estimate of ($0.15) by ($0.02). The company had revenue of $0.13 million for the quarter, compared to analyst estimates of $0.17 million. Ovid Therapeutics had a negative return on equity of 63.79% and a negative net margin of 550.04%. Equities analysts anticipate that Ovid Therapeutics will post -0.4 earnings per share for the current fiscal year.

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.