Equities Analysts Issue Forecasts for OVID FY2024 Earnings

Ovid Therapeutics Inc. (NASDAQ:OVID) – Equities researchers at Wedbush lowered their FY2024 earnings per share estimates for Ovid Therapeutics in a research report issued on Wednesday, November 13th. Wedbush analyst L. Chico now anticipates that the company will post earnings of ($0.39) per share for the year, down from their prior estimate of ($0.35). The consensus estimate for Ovid Therapeutics’ current full-year earnings is ($0.49) per share.

A number of other equities analysts have also recently issued reports on the stock. William Blair raised shares of Ovid Therapeutics to a “strong-buy” rating in a research report on Friday, August 30th. HC Wainwright reaffirmed a “buy” rating and set a $3.00 price target on shares of Ovid Therapeutics in a research note on Monday, September 30th. Two analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $4.04.

Ovid Therapeutics Trading Down 7.8 %

NASDAQ:OVID opened at $1.06 on Friday. Ovid Therapeutics has a 12 month low of $0.68 and a 12 month high of $4.10. The company has a current ratio of 5.66, a quick ratio of 5.73 and a debt-to-equity ratio of 0.18. The stock has a market capitalization of $75.27 million, a price-to-earnings ratio of -2.26 and a beta of 0.41. The firm has a fifty day simple moving average of $1.16 and a two-hundred day simple moving average of $1.54.

Ovid Therapeutics (NASDAQ:OVID) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.20) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.01). Ovid Therapeutics had a negative return on equity of 39.24% and a negative net margin of 5,142.56%. The company had revenue of $0.17 million for the quarter, compared to analyst estimates of $0.15 million.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Price T Rowe Associates Inc. MD raised its holdings in shares of Ovid Therapeutics by 22.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,396 shares of the company’s stock worth $54,000 after acquiring an additional 3,145 shares during the last quarter. Empowered Funds LLC increased its holdings in Ovid Therapeutics by 8.1% during the 1st quarter. Empowered Funds LLC now owns 128,070 shares of the company’s stock worth $391,000 after purchasing an additional 9,625 shares in the last quarter. XTX Topco Ltd increased its holdings in Ovid Therapeutics by 46.2% during the 3rd quarter. XTX Topco Ltd now owns 38,230 shares of the company’s stock worth $45,000 after purchasing an additional 12,076 shares in the last quarter. BNP Paribas Financial Markets raised its stake in shares of Ovid Therapeutics by 74.7% in the first quarter. BNP Paribas Financial Markets now owns 32,162 shares of the company’s stock worth $98,000 after purchasing an additional 13,756 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Ovid Therapeutics by 1.1% in the third quarter. Geode Capital Management LLC now owns 1,317,330 shares of the company’s stock valued at $1,555,000 after purchasing an additional 14,816 shares in the last quarter. 72.24% of the stock is currently owned by institutional investors and hedge funds.

About Ovid Therapeutics

Ovid Therapeutics Inc, a biopharmaceutical company, engages in the development of impactful medicines for patients and families with epilepsies and seizure-related neurological disorders in the United States. The company is developing soticlestat, a novel cholesterol 24 hydroxylase inhibitor, which is in Phase 3 clinical trials for the potential treatment of patients with resistant epilepsies; OV329, a GABA aminotransferase inhibitor which is in Phase 1 clinical trials for the treatment of seizures associated with tuberous sclerosis complex and infantile spasms; and OV350, a small molecule direct activator of the KCC2 transporter, which is in Phase 1 clinical trials for treating epilepsies.