Ovid Therapeutics (NASDAQ:OVID) Price Target Raised to $4.00

Ovid Therapeutics (NASDAQ:OVID) had its price target lifted by equities researchers at HC Wainwright from $2.00 to $4.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. HC Wainwright’s price objective would indicate a potential upside of 53.85% from the stock’s current price.

OVID has been the subject of a number of other reports. Wedbush lifted their price objective on shares of Ovid Therapeutics from $5.00 to $7.00 and gave the stock an “outperform” rating in a report on Friday, March 20th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Ovid Therapeutics in a report on Thursday, January 22nd. Lifesci Capital started coverage on shares of Ovid Therapeutics in a report on Monday, December 22nd. They set an “outperform” rating and a $4.00 price objective for the company. Wall Street Zen upgraded shares of Ovid Therapeutics from a “sell” rating to a “hold” rating in a research report on Saturday, March 21st. Finally, BTIG Research reiterated a “buy” rating and issued a $4.00 target price on shares of Ovid Therapeutics in a research report on Thursday, March 26th. Two research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Buy” and an average price target of $4.63.

Ovid Therapeutics Stock Performance

NASDAQ OVID opened at $2.60 on Thursday. Ovid Therapeutics has a 52-week low of $0.24 and a 52-week high of $2.72. The company has a debt-to-equity ratio of 0.09, a quick ratio of 8.97 and a current ratio of 8.97. The company has a market capitalization of $342.89 million, a P/E ratio of -8.39 and a beta of -0.03. The company has a fifty day moving average of $1.89 and a 200-day moving average of $1.67.

Ovid Therapeutics (NASDAQ:OVID) last posted its quarterly earnings data on Wednesday, March 18th. The company reported $0.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $0.06 million. As a group, equities research analysts predict that Ovid Therapeutics will post -0.4 EPS for the current fiscal year.

Institutional Investors Weigh In On Ovid Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Benin Management CORP purchased a new stake in Ovid Therapeutics during the 4th quarter valued at $31,000. Private Advisor Group LLC purchased a new position in shares of Ovid Therapeutics in the third quarter valued at about $33,000. Apollon Wealth Management LLC purchased a new position in shares of Ovid Therapeutics in the third quarter valued at about $36,000. Total Clarity Wealth Management Inc. purchased a new position in shares of Ovid Therapeutics in the fourth quarter valued at about $47,000. Finally, LPL Financial LLC increased its position in shares of Ovid Therapeutics by 150.0% in the fourth quarter. LPL Financial LLC now owns 30,000 shares of the company’s stock valued at $49,000 after acquiring an additional 18,000 shares during the period. 72.24% of the stock is currently owned by institutional investors.

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.