Ovid Therapeutics (NASDAQ:OVID) Receives Average Recommendation of “Buy” from Brokerages

Ovid Therapeutics (NASDAQ:OVID) has been given a consensus recommendation of “Buy” by the ten brokerages that are covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell rating, seven have issued a buy rating and two have issued a strong buy rating on the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $4.3750.

A number of research firms have recently issued reports on OVID. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Ovid Therapeutics in a report on Thursday, January 22nd. Lifesci Capital began coverage on Ovid Therapeutics in a research report on Monday, December 22nd. They set an “outperform” rating and a $4.00 price target on the stock. Wall Street Zen raised Ovid Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, March 21st. HC Wainwright reiterated a “buy” rating and issued a $2.00 price objective on shares of Ovid Therapeutics in a report on Monday, December 22nd. Finally, Wedbush raised their price objective on Ovid Therapeutics from $5.00 to $7.00 and gave the company an “outperform” rating in a report on Friday, March 20th.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. RA Capital Management L.P. purchased a new stake in shares of Ovid Therapeutics in the 4th quarter valued at $17,464,000. Affinity Asset Advisors LLC raised its position in Ovid Therapeutics by 169.8% in the 4th quarter. Affinity Asset Advisors LLC now owns 7,150,000 shares of the company’s stock worth $11,654,000 after purchasing an additional 4,500,000 shares during the period. Eventide Asset Management LLC purchased a new position in Ovid Therapeutics in the 4th quarter worth $6,985,000. ADAR1 Capital Management LLC lifted its stake 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 purchasing an additional 4,272,154 shares during the last quarter. Finally, Federated Hermes Inc. purchased a new stake in Ovid Therapeutics during the fourth quarter valued at about $5,307,000. 72.24% of the stock is owned by hedge funds and other institutional investors.

Ovid Therapeutics Stock Down 2.7%

OVID stock opened at $2.16 on Thursday. The company’s 50 day moving average is $1.82 and its 200 day moving average is $1.63. The stock has a market cap of $284.86 million, a price-to-earnings ratio of -6.97 and a beta of -0.04. The company has a current ratio of 8.97, a quick ratio of 8.97 and a debt-to-equity ratio of 0.09. Ovid Therapeutics has a 1-year low of $0.24 and a 1-year high of $2.72.

Ovid Therapeutics (NASDAQ:OVID) last announced its earnings results on Wednesday, March 18th. The company reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.16. The business had revenue of $0.72 million during the quarter, compared to analyst estimates of $0.06 million. Ovid Therapeutics had a negative net margin of 240.11% and a negative return on equity of 23.98%. Sell-side analysts predict that Ovid Therapeutics will post -0.4 EPS 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.