Ovid Therapeutics’ (OVID) “Outperform” Rating Reiterated at Wedbush

Ovid Therapeutics (NASDAQ:OVID)‘s stock had its “outperform” rating reiterated by Wedbush in a research note issued on Wednesday,Benzinga reports. They presently have a $7.00 target price on the stock. Wedbush’s price objective suggests a potential upside of 136.49% from the company’s previous close.

Several other brokerages have also recently issued reports on OVID. Lifesci Capital initiated coverage on shares of Ovid Therapeutics in a report on Monday, December 22nd. They issued an “outperform” rating and a $4.00 target price on the stock. HC Wainwright raised their target price on shares of Ovid Therapeutics from $2.00 to $4.00 and gave the stock a “buy” rating in a report on Thursday, April 9th. Wall Street Zen upgraded shares of Ovid Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday, March 21st. BTIG Research restated a “buy” rating and issued a $4.00 target price on shares of Ovid Therapeutics in a report on Thursday, March 26th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Ovid Therapeutics in a report on Thursday, January 22nd. Two analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $4.63.

Ovid Therapeutics Trading Up 6.1%

Shares of OVID stock opened at $2.96 on Wednesday. Ovid Therapeutics has a 12-month low of $0.26 and a 12-month high of $3.11. The company has a current ratio of 8.97, a quick ratio of 8.97 and a debt-to-equity ratio of 0.09. The firm’s 50 day moving average is $1.99 and its 200 day moving average is $1.72. The stock has a market capitalization of $390.36 million, a P/E ratio of -9.55 and a beta of -0.03.

Ovid Therapeutics (NASDAQ:OVID) last issued its earnings results on Wednesday, March 18th. The company reported $0.06 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.10) by $0.16. Ovid Therapeutics had a negative net margin of 240.11% and a negative return on equity of 23.98%. The company had revenue of $0.72 million for the quarter, compared to analysts’ expectations of $0.06 million. Research analysts expect that Ovid Therapeutics will post -0.4 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. RA Capital Management L.P. bought a new position in Ovid Therapeutics in the fourth quarter worth approximately $17,464,000. Affinity Asset Advisors LLC raised its position in Ovid Therapeutics by 169.8% in the fourth quarter. Affinity Asset Advisors LLC now owns 7,150,000 shares of the company’s stock worth $11,654,000 after acquiring an additional 4,500,000 shares during the period. Eventide Asset Management LLC bought a new position in Ovid Therapeutics in the fourth quarter worth approximately $6,985,000. ADAR1 Capital Management LLC raised its position in Ovid Therapeutics by 33,256.7% in the fourth quarter. ADAR1 Capital Management LLC now owns 4,285,000 shares of the company’s stock worth $6,985,000 after acquiring an additional 4,272,154 shares during the period. Finally, Federated Hermes Inc. bought a new position in Ovid Therapeutics in the fourth quarter worth approximately $5,307,000. 72.24% of the stock is currently owned by institutional investors.

Ovid Therapeutics Company Profile

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.