Ovid Therapeutics (NASDAQ:OVID) Issues Earnings Results

Ovid Therapeutics (NASDAQ:OVID) issued its quarterly earnings data on Tuesday. The company reported $0.06 EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.16, FiscalAI reports. Ovid Therapeutics had a negative return on equity of 63.79% and a negative net margin of 550.04%.The firm had revenue of $0.72 million during the quarter, compared to analyst estimates of $0.06 million.

Ovid Therapeutics Stock Performance

Shares of OVID opened at $2.01 on Wednesday. The stock has a 50 day moving average of $1.66 and a 200 day moving average of $1.55. The company has a market capitalization of $143.13 million, a price-to-earnings ratio of -4.02 and a beta of 0.25. Ovid Therapeutics has a 12 month low of $0.24 and a 12 month high of $2.37. The company has a current ratio of 4.24, a quick ratio of 4.24 and a debt-to-equity ratio of 0.28.

Institutional Investors Weigh In On Ovid Therapeutics

Several large investors have recently made changes to their positions in the business. Invesco Ltd. bought a new stake in shares of Ovid Therapeutics during the 4th quarter worth $54,000. ADAR1 Capital Management LLC boosted its holdings in shares of Ovid Therapeutics by 33,256.7% in the 4th quarter. ADAR1 Capital Management LLC now owns 4,285,000 shares of the company’s stock worth $6,985,000 after buying an additional 4,272,154 shares during the last quarter. Quadrature Capital Ltd grew its position in Ovid Therapeutics by 217.2% during the fourth quarter. Quadrature Capital Ltd now owns 87,874 shares of the company’s stock valued at $143,000 after buying an additional 60,171 shares during the period. Millennium Management LLC grew its position in Ovid Therapeutics by 35.8% during the fourth quarter. Millennium Management LLC now owns 1,339,465 shares of the company’s stock valued at $2,183,000 after buying an additional 353,172 shares during the period. Finally, Ally Bridge Group NY LLC purchased a new stake in Ovid Therapeutics during the fourth quarter worth about $2,910,000. 72.24% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently issued reports on OVID. Lifesci Capital began coverage on Ovid Therapeutics in a report on Monday, December 22nd. They set an “outperform” rating and a $4.00 price target for the company. HC Wainwright restated a “buy” rating and set a $2.00 price objective on shares of Ovid Therapeutics in a research note on Monday, December 22nd. Roth Mkm began coverage on shares of Ovid Therapeutics in a report on Thursday, December 11th. They set a “buy” rating and a $3.00 price objective on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Ovid Therapeutics in a research note on Thursday, January 22nd. Finally, Wall Street Zen downgraded shares of Ovid Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday, January 17th. Two equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Ovid Therapeutics currently has a consensus rating of “Buy” and a consensus target price of $4.00.

Ovid Therapeutics Company Profile

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.