Brokerages Set Ovid Therapeutics (NASDAQ:OVID) Target Price at $3.70

Ovid Therapeutics (NASDAQ:OVID) has earned an average recommendation of “Moderate Buy” from the seven research firms that are presently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $3.70.

A number of research analysts have recently commented on the stock. Wall Street Zen raised shares of Ovid Therapeutics from a “sell” rating to a “hold” rating in a research report on Saturday, August 16th. Weiss Ratings reissued a “sell (d-)” rating on shares of Ovid Therapeutics in a research note on Wednesday, October 8th. Oppenheimer began coverage on shares of Ovid Therapeutics in a research note on Thursday, October 9th. They issued an “outperform” rating and a $7.00 target price on the stock. Finally, B. Riley reissued a “buy” rating on shares of Ovid Therapeutics in a research note on Friday, October 10th.

Ovid Therapeutics Stock Up 1.5%

Shares of OVID opened at $1.39 on Monday. The company has a 50-day simple moving average of $1.42 and a 200-day simple moving average of $0.77. The firm has a market capitalization of $98.84 million, a P/E ratio of -2.62 and a beta of 0.35. The company has a debt-to-equity ratio of 0.23, a quick ratio of 4.72 and a current ratio of 4.72. Ovid Therapeutics has a 52 week low of $0.24 and a 52 week high of $2.01.

Ovid Therapeutics (NASDAQ:OVID) last announced its quarterly earnings data on Wednesday, August 13th. The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.10. The business had revenue of $6.27 million during the quarter, compared to analyst estimates of $0.09 million. Ovid Therapeutics had a negative net margin of 574.44% and a negative return on equity of 58.87%. On average, equities research analysts expect that Ovid Therapeutics will post -0.4 earnings per share for the current year.

Institutional Trading of Ovid Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in OVID. Bank of America Corp DE increased its stake in Ovid Therapeutics by 49.7% in the fourth quarter. Bank of America Corp DE now owns 56,733 shares of the company’s stock valued at $53,000 after acquiring an additional 18,841 shares during the period. XTX Topco Ltd bought a new stake in Ovid Therapeutics in the first quarter valued at about $29,000. Nuveen LLC bought a new stake in Ovid Therapeutics in the first quarter valued at about $37,000. Affinity Asset Advisors LLC bought a new stake in Ovid Therapeutics in the first quarter valued at about $208,000. Finally, Adage Capital Partners GP L.L.C. grew its stake in Ovid Therapeutics by 15.0% during the first quarter. Adage Capital Partners GP L.L.C. now owns 1,150,000 shares of the company’s stock worth $359,000 after buying an additional 150,000 shares during the last quarter. Institutional investors own 72.24% of the company’s stock.

About Ovid Therapeutics

Ovid Therapeutics Inc, a biopharmaceutical company, engages in the development of impactful medicines for patients and families with epilepsies and seizure-related neurological disorders in the United States. The company is developing soticlestat, a novel cholesterol 24 hydroxylase inhibitor, which is in Phase 3 clinical trials for the potential treatment of patients with resistant epilepsies; OV329, a GABA aminotransferase inhibitor which is in Phase 1 clinical trials for the treatment of seizures associated with tuberous sclerosis complex and infantile spasms; and OV350, a small molecule direct activator of the KCC2 transporter, which is in Phase 1 clinical trials for treating epilepsies.