Ovid Therapeutics (NASDAQ:OVID) Shares Down 6.1% After Earnings Miss

Ovid Therapeutics (NASDAQ:OVID) was down 6.1% during mid-day trading on Tuesday following a dissappointing earnings announcement. The company traded as low as $2.65 and last traded at $2.6750. 350,608 shares were traded during mid-day trading, a decline of 85% from the average daily volume of 2,305,716 shares. The stock had previously closed at $2.85.

The company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.02).

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on OVID shares. UBS Group reiterated a “buy” rating on shares of Ovid Therapeutics in a research report on Friday, September 11th. Oppenheimer upped their price objective on shares of Ovid Therapeutics from $7.00 to $9.00 and gave the stock an “outperform” rating in a report on Monday, August 3rd. B. Riley Financial reaffirmed a “buy” rating on shares of Ovid Therapeutics in a research report on Tuesday, July 21st. Wolfe Research assumed coverage on shares of Ovid Therapeutics in a report on Thursday, October 15th. They issued an “outperform” rating and a $5.00 target price for the company. Finally, Guggenheim started coverage on Ovid Therapeutics in a research report on Tuesday, October 6th. They issued a “buy” rating and a $7.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, Ovid Therapeutics currently has an average rating of “Moderate Buy” and a consensus target price of $6.00.

Hedge Funds Weigh In On Ovid Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Jupiter Topco LLC acquired a new position in Ovid Therapeutics in the 2nd quarter valued at about $55,898,000. BlackRock Inc. acquired a new stake in shares of Ovid Therapeutics during the second quarter worth about $29,115,000. Janus Henderson Group PLC acquired a new stake in shares of Ovid Therapeutics during the first quarter worth about $23,732,000. ADAR1 Capital Management LLC purchased a new position in shares of Ovid Therapeutics in the second quarter valued at approximately $19,953,000. Finally, Braidwell LP purchased a new position in shares of Ovid Therapeutics in the second quarter valued at approximately $15,923,000. 72.24% of the stock is currently owned by hedge funds and other institutional investors.

Ovid Therapeutics Trading Down 3.1%

The company has a debt-to-equity ratio of 0.05, a current ratio of 12.39 and a quick ratio of 12.39. The firm has a market cap of $539.42 million, a PE ratio of -8.66 and a beta of 0.24. The company’s 50 day moving average price is $2.51 and its 200 day moving average price is $2.38.

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.