Ovid Therapeutics (NASDAQ:OVID) Price Target Raised to $5.00

Ovid Therapeutics (NASDAQ:OVID) had its price objective increased by HC Wainwright from $4.00 to $5.00 in a report released on Friday, Marketbeat.com reports. They currently have a buy rating on the stock.

A number of other equities analysts have also weighed in on the company. Roth Capital reiterated a “buy” rating and set a $8.00 target price on shares of Ovid Therapeutics in a research note on Thursday, September 3rd. Oppenheimer upped their price target on shares of Ovid Therapeutics from $7.00 to $9.00 and gave the stock an “outperform” rating in a report on Monday, August 3rd. Weiss Ratings reissued a “sell (d-)” rating on shares of Ovid Therapeutics in a research note on Friday, July 17th. Wall Street Zen upgraded Ovid Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. Finally, B. Riley Financial reiterated a “buy” rating on shares of Ovid Therapeutics in a research report on Tuesday, July 21st. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $6.00.

Ovid Therapeutics Price Performance

NASDAQ:OVID opened at $2.69 on Friday. The stock has a market cap of $525.36 million, a price-to-earnings ratio of -8.68 and a beta of 0.24. The company has a current ratio of 12.39, a quick ratio of 12.39 and a debt-to-equity ratio of 0.05. The stock has a 50-day moving average price of $2.62 and a two-hundred day moving average price of $2.49. Ovid Therapeutics has a 1 year low of $1.12 and a 1 year high of $3.11.

Ovid Therapeutics (NASDAQ:OVID) last released its quarterly earnings results on Thursday, August 13th. The company reported ($0.08) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.12) by $0.04. The firm had revenue of $0.73 million for the quarter, compared to the consensus estimate of $0.02 million. Ovid Therapeutics had a negative return on equity of 23.64% and a negative net margin of 240.11%. As a group, equities analysts expect that Ovid Therapeutics will post -0.38 earnings per share for the current year.

Hedge Funds Weigh In On Ovid Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the company. Legal & General Group Plc purchased a new position in shares of Ovid Therapeutics during the second quarter worth approximately $40,000. LPL Financial LLC increased its holdings in Ovid Therapeutics by 150.0% during the 4th quarter. LPL Financial LLC now owns 30,000 shares of the company’s stock valued at $49,000 after purchasing an additional 18,000 shares during the period. Bank of America Corp DE increased its stake in shares of Ovid Therapeutics by 49.7% during the fourth quarter. Bank of America Corp DE now owns 56,733 shares of the company’s stock valued at $53,000 after buying an additional 18,841 shares during the period. E Fund Management Co. Ltd. bought a new stake in Ovid Therapeutics in the second quarter valued at $52,000. Finally, Sovereign Financial Group Inc. increased its position in Ovid Therapeutics by 200.0% during the 1st quarter. Sovereign Financial Group Inc. now owns 30,000 shares of the company’s stock valued at $67,000 after purchasing an additional 20,000 shares during the period. 72.24% of the stock is owned by institutional investors.

About Ovid Therapeutics

Ovid Therapeutics Inc is a clinical-stage biopharmaceutical company focused on developing medicines for rare epileptic disorders and other diseases of the brain. The company’s research programs are designed to address significant unmet needs in patients with severe neurological conditions, including developmental and epileptic encephalopathies.

Ovid has developed a pipeline of investigational therapies targeting the underlying biology of epilepsy and related neurological disorders. Its programs have included soticlestat, an investigational treatment studied in rare epilepsies such as Dravet syndrome and Lennox-Gastaut syndrome, as well as earlier-stage compounds aimed at modulating neurotransmission and reducing seizure activity.

Founded in 2014 and headquartered in New York, Ovid has advanced its programs through collaborations with larger pharmaceutical companies, including a collaboration with Takeda Pharmaceutical Company involving soticlestat.