Ovid Therapeutics (NASDAQ:OVID) Announces Quarterly Earnings Results, Misses Expectations By $0.02 EPS

Ovid Therapeutics (NASDAQ:OVID) announced its quarterly earnings data on Wednesday. The company reported ($0.17) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.02), FiscalAI reports. Ovid Therapeutics had a negative return on equity of 59.51% and a negative net margin of 550.04%.The business had revenue of $0.13 million during the quarter, compared to analysts’ expectations of $0.17 million.

Ovid Therapeutics Price Performance

Shares of NASDAQ:OVID opened at $1.20 on Friday. The business has a 50-day simple moving average of $1.44 and a two-hundred day simple moving average of $0.83. The company has a debt-to-equity ratio of 0.23, a quick ratio of 4.72 and a current ratio of 4.72. The firm has a market cap of $85.33 million, a price-to-earnings ratio of -2.40 and a beta of 0.32. Ovid Therapeutics has a fifty-two week low of $0.24 and a fifty-two week high of $2.01.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE boosted its holdings 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 worth $53,000 after purchasing an additional 18,841 shares during the last quarter. Private Advisor Group LLC bought a new position in shares of Ovid Therapeutics during the 3rd quarter valued at $33,000. Jane Street Group LLC bought a new position in shares of Ovid Therapeutics during the 2nd quarter valued at $47,000. Marshall Wace LLP purchased a new position in shares of Ovid Therapeutics in the 2nd quarter worth $54,000. Finally, Vanguard Group Inc. grew its holdings in shares of Ovid Therapeutics by 7.0% in the third quarter. Vanguard Group Inc. now owns 2,820,813 shares of the company’s stock worth $3,667,000 after acquiring an additional 184,698 shares during the period. Institutional investors own 72.24% of the company’s stock.

Wall Street Analysts Forecast Growth

OVID has been the topic of a number of analyst reports. Oppenheimer started coverage on Ovid Therapeutics in a research report on Thursday, October 9th. They issued an “outperform” rating and a $7.00 price target on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Ovid Therapeutics in a research note on Wednesday, October 8th. Wall Street Zen raised Ovid Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, August 16th. Finally, B. Riley restated a “buy” rating on shares of Ovid Therapeutics in a report on Friday, October 10th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Ovid Therapeutics currently has a consensus rating of “Moderate Buy” and an average price target of $3.70.

Ovid Therapeutics Company Profile

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.