Ovid Therapeutics (NASDAQ:OVID) Now Covered by Guggenheim

Equities research analysts at Guggenheim initiated coverage on shares of Ovid Therapeutics (NASDAQ:OVID) in a report released on Tuesday, Marketbeat reports. The firm set a “buy” rating and a $7.00 price target on the stock. Guggenheim’s target price would suggest a potential upside of 195.36% from the stock’s current price.

Several other analysts have also weighed in on OVID. HC Wainwright lifted their target price on shares of Ovid Therapeutics from $4.00 to $5.00 and gave the company a “buy” rating in a research report on Friday, September 11th. Weiss Ratings reissued a “sell (d-)” rating on shares of Ovid Therapeutics in a research report on Friday, July 17th. UBS Group restated a “buy” rating on shares of Ovid Therapeutics in a research note on Friday, September 11th. Oppenheimer lifted their price objective on Ovid Therapeutics from $7.00 to $9.00 and gave the company an “outperform” rating in a report on Monday, August 3rd. Finally, Roth Capital reiterated a “buy” rating and issued a $8.00 price objective on shares of Ovid Therapeutics in a research note on Thursday, September 3rd. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Ovid Therapeutics has an average rating of “Buy” and a consensus price target of $6.12.

Ovid Therapeutics Trading Up 1.3%

Ovid Therapeutics stock opened at $2.37 on Tuesday. The business has a 50 day moving average price of $2.65 and a two-hundred day moving average price of $2.57. The company has a quick ratio of 12.39, a current ratio of 12.39 and a debt-to-equity ratio of 0.05. Ovid Therapeutics has a 12 month low of $1.18 and a 12 month high of $3.11. The stock has a market cap of $462.86 million, a price-to-earnings ratio of -7.64 and a beta of 0.22.

Ovid Therapeutics (NASDAQ:OVID) last posted its quarterly earnings results on Thursday, August 13th. The company reported ($0.08) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.04. The business had revenue of $0.73 million for the quarter, compared to analyst estimates of $0.02 million. As a group, equities analysts forecast that Ovid Therapeutics will post -0.37 EPS for the current year.

Hedge Funds Weigh In On Ovid Therapeutics

Institutional investors have recently added to or reduced their stakes in the company. Legal & General Group Plc acquired a new position in Ovid Therapeutics in the second quarter valued at about $40,000. E Fund Management Co. Ltd. acquired a new stake in shares of Ovid Therapeutics during the second quarter worth approximately $52,000. Sovereign Financial Group Inc. increased its holdings in shares of Ovid Therapeutics by 200.0% during the first quarter. Sovereign Financial Group Inc. now owns 30,000 shares of the company’s stock worth $67,000 after buying an additional 20,000 shares in the last quarter. Focus Partners Advisor Solutions LLC bought a new position in shares of Ovid Therapeutics in the second quarter valued at approximately $54,000. Finally, Stonepine Capital Management LLC bought a new position in shares of Ovid Therapeutics in the second quarter valued at approximately $57,297. 72.24% of the stock is owned by institutional investors.

About Ovid Therapeutics

Ovid Therapeutics Inc is a clinical-stage biopharmaceutical company focused on developing medicines for rare neurological disorders, including epilepsies and neurodevelopmental conditions. The company’s research programs are designed to address diseases with significant unmet medical needs and limited treatment options.

Ovid has developed a pipeline of investigational therapies targeting the underlying biology of neurological disorders. Its programs have included treatments for seizure disorders such as Dravet syndrome and Lennox-Gastaut syndrome, as well as potential therapies for other rare epileptic and neurodevelopmental conditions.