Ovid Therapeutics (NASDAQ:OVID) Stock Rated “Overweight” in New Coverage at Cantor Fitzgerald

Cantor Fitzgerald initiated coverage on shares of Ovid Therapeutics (NASDAQ:OVID) in a research note issued to investors on Friday, MarketBeat.com reports. The brokerage issued an overweight rating on the stock.

Other equities research analysts have also recently issued research reports about the stock. Oppenheimer increased their target price on shares of Ovid Therapeutics from $7.00 to $9.00 and gave the company an “outperform” rating in a research note on Monday, August 3rd. UBS Group reissued a “buy” rating on shares of Ovid Therapeutics in a research report on Friday, September 11th. HC Wainwright boosted their price target on Ovid Therapeutics from $4.00 to $5.00 and gave the company a “buy” rating in a research note on Friday, September 11th. Guggenheim assumed coverage on Ovid Therapeutics in a research note on Tuesday, October 6th. They set a “buy” rating and a $7.00 price target on the stock. Finally, B. Riley Financial reaffirmed a “buy” rating on shares of Ovid Therapeutics in a report on Tuesday, July 21st. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $6.12.

Ovid Therapeutics Price Performance

NASDAQ:OVID opened at $2.46 on Friday. The company has a debt-to-equity ratio of 0.05, a current ratio of 12.39 and a quick ratio of 12.39. Ovid Therapeutics has a one year low of $1.18 and a one year high of $3.11. The company has a fifty day moving average price of $2.65 and a 200 day moving average price of $2.57. The stock has a market cap of $480.43 million, a P/E ratio of -7.94 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 (EPS) for the quarter, topping the consensus estimate of ($0.12) by $0.04. The company had revenue of $0.73 million during the quarter, compared to analyst estimates of $0.02 million. Analysts anticipate that Ovid Therapeutics will post -0.37 earnings per share for the current year.

Institutional Investors Weigh In On Ovid Therapeutics

Institutional investors have recently bought and sold shares of the business. Braidwell LP bought a new stake in Ovid Therapeutics in the 2nd quarter valued at $15,923,000. BlackRock Inc. acquired a new position in shares of Ovid Therapeutics in the 2nd quarter valued at $29,115,000. Ally Bridge Group NY LLC lifted its holdings in shares of Ovid Therapeutics by 57.9% during the 1st quarter. Ally Bridge Group NY LLC now owns 2,818,459 shares of the company’s stock worth $6,257,000 after acquiring an additional 1,033,459 shares during the period. Jupiter Topco LLC bought a new position in shares of Ovid Therapeutics during the 2nd quarter worth about $55,898,000. Finally, Bank of New York Mellon Corp bought a new position in shares of Ovid Therapeutics during the 2nd quarter worth about $1,120,000. Institutional investors and hedge funds own 72.24% of the company’s stock.

Ovid Therapeutics Company Profile

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.