Ovid Therapeutics (NASDAQ:OVID) Stock Price Up 9% on Better-Than-Expected Earnings

Ovid Therapeutics (NASDAQ:OVID) traded up 9% during trading on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $2.74 and last traded at $2.8550. Approximately 704,225 shares changed hands during mid-day trading, a decline of 72% from the average session volume of 2,476,804 shares. The stock had previously closed at $2.62.

The company reported ($0.08) earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.02. The business had revenue of $0.73 million during the quarter, compared to analysts’ expectations of $0.02 million. Ovid Therapeutics had a negative return on equity of 22.51% and a negative net margin of 240.11%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on OVID shares. Oppenheimer boosted their price target on shares of Ovid Therapeutics from $7.00 to $9.00 and gave the stock an “outperform” rating in a research report on Monday, August 3rd. Wedbush reiterated an “outperform” rating and set a $7.00 price objective on shares of Ovid Therapeutics in a research report on Wednesday, April 15th. Weiss Ratings reissued a “sell (d-)” rating on shares of Ovid Therapeutics in a research note on Friday, July 17th. B. Riley Financial restated a “buy” rating on shares of Ovid Therapeutics in a report on Tuesday, July 21st. Finally, Wall Street Zen cut shares of Ovid Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, July 25th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $5.71.

Institutional Trading of Ovid Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. purchased a new position in Ovid Therapeutics during the second quarter worth $29,115,000. Janus Henderson Group PLC purchased a new stake in shares of Ovid Therapeutics in the first quarter valued at $23,732,000. RA Capital Management L.P. purchased a new stake in shares of Ovid Therapeutics in the fourth quarter valued at $17,464,000. Affinity Asset Advisors LLC lifted its holdings in shares of Ovid Therapeutics by 169.8% in the 4th quarter. Affinity Asset Advisors LLC now owns 7,150,000 shares of the company’s stock worth $11,654,000 after acquiring an additional 4,500,000 shares during the last quarter. Finally, Eventide Asset Management LLC bought a new stake in shares of Ovid Therapeutics in the 4th quarter worth about $6,985,000. Hedge funds and other institutional investors own 72.24% of the company’s stock.

Ovid Therapeutics Stock Performance

The stock has a market capitalization of $532.86 million, a PE ratio of -9.74 and a beta of 0.21. The business’s 50 day moving average is $2.46 and its 200 day moving average is $2.30. The company has a current ratio of 10.17, a quick ratio of 10.17 and a debt-to-equity ratio of 0.06.

About Ovid Therapeutics

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.