Wall Street Zen Upgrades Ovid Therapeutics (NASDAQ:OVID) to Hold

Ovid Therapeutics (NASDAQ:OVID) was upgraded by equities research analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a report issued on Saturday.

Other equities analysts have also issued research reports about the company. Oppenheimer increased their target price on Ovid Therapeutics from $7.00 to $9.00 and gave the stock an “outperform” rating in a research note on Monday, August 3rd. Weiss Ratings restated a “sell (d-)” rating on shares of Ovid Therapeutics in a research note on Friday, July 17th. Roth Capital reaffirmed a “buy” rating and issued a $7.00 price objective on shares of Ovid Therapeutics in a report on Thursday, May 14th. Finally, B. Riley Financial reiterated a “buy” rating on shares of Ovid Therapeutics in a research report on Tuesday, July 21st. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Ovid Therapeutics currently has an average rating of “Moderate Buy” and an average target price of $5.71.

Ovid Therapeutics Price Performance

Shares of OVID opened at $2.83 on Friday. The firm has a market cap of $552.70 million, a P/E ratio of -9.13 and a beta of 0.21. The company has a debt-to-equity ratio of 0.05, a quick ratio of 12.39 and a current ratio of 12.39. Ovid Therapeutics has a 52 week low of $0.81 and a 52 week high of $3.11. The firm’s 50-day simple moving average is $2.48 and its 200 day simple moving average is $2.31.

Ovid Therapeutics (NASDAQ:OVID) last issued its quarterly earnings data 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. Ovid Therapeutics had a negative net margin of 240.11% and a negative return on equity of 23.64%. The firm had revenue of $0.73 million during the quarter, compared to the consensus estimate of $0.02 million. On average, analysts forecast that Ovid Therapeutics will post -0.49 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Jupiter Topco LLC acquired a new stake in shares of Ovid Therapeutics in the second quarter valued at approximately $55,898,000. BlackRock Inc. acquired a new stake in Ovid Therapeutics during the second quarter worth approximately $29,115,000. Janus Henderson Group PLC acquired a new stake in Ovid Therapeutics during the first quarter worth approximately $23,732,000. RA Capital Management L.P. bought a new position in Ovid Therapeutics during the 4th quarter worth $17,464,000. Finally, Affinity Asset Advisors LLC increased its stake in Ovid Therapeutics by 48.8% during the 1st quarter. Affinity Asset Advisors LLC now owns 10,636,318 shares of the company’s stock worth $23,613,000 after acquiring an additional 3,486,318 shares during the period. Institutional investors and hedge funds own 72.24% of the company’s stock.

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.