Ovid Therapeutics (NASDAQ:OVID) Stock Rating Raised to Strong-Buy at Wolfe Research

Ovid Therapeutics (NASDAQ:OVID) was upgraded by analysts at Wolfe Research to a “strong-buy” rating in a report issued on Thursday, Zacks reports.

OVID has been the topic of a number of other reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Ovid Therapeutics in a research report on Thursday. Wall Street Zen upgraded Ovid Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday, August 15th. HC Wainwright lifted their price target on shares of Ovid Therapeutics from $4.00 to $5.00 and gave the company a “buy” rating in a research note on Friday, September 11th. UBS Group reissued a “buy” rating on shares of Ovid Therapeutics in a report on Friday, September 11th. Finally, Oppenheimer raised their target price on shares of Ovid Therapeutics from $7.00 to $9.00 and gave the company an “outperform” rating in a research note on Monday, August 3rd. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Ovid Therapeutics presently has a consensus rating of “Buy” and an average price target of $6.00.

Ovid Therapeutics Price Performance

Shares of Ovid Therapeutics stock opened at $2.26 on Thursday. Ovid Therapeutics has a 12 month low of $1.18 and a 12 month high of $3.11. The business has a fifty day simple moving average of $2.63 and a 200 day simple moving average of $2.56. The company has a quick ratio of 12.39, a current ratio of 12.39 and a debt-to-equity ratio of 0.05.

Ovid Therapeutics (NASDAQ:OVID) last announced its quarterly earnings results on Thursday, August 13th. The company reported ($0.08) EPS for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.04. The company had revenue of $0.73 million during the quarter, compared to the consensus estimate of $0.02 million. Sell-side analysts predict that Ovid Therapeutics will post -0.37 EPS for the current fiscal year.

Hedge Funds Weigh In On Ovid Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of the stock. Legal & General Group Plc bought a new position in shares of Ovid Therapeutics in the second quarter valued at about $40,000. E Fund Management Co. Ltd. acquired a new stake in shares of Ovid Therapeutics during the 2nd quarter worth about $52,000. Sovereign Financial Group Inc. boosted its holdings in shares of Ovid Therapeutics by 200.0% during the 1st quarter. Sovereign Financial Group Inc. now owns 30,000 shares of the company’s stock worth $67,000 after buying an additional 20,000 shares during the period. Focus Partners Advisor Solutions LLC bought a new stake in shares of Ovid Therapeutics during the 2nd quarter worth about $54,000. Finally, Stonepine Capital Management LLC bought a new stake in shares of Ovid Therapeutics during the 2nd quarter worth about $57,297. 72.24% of the stock is currently owned by institutional investors and hedge funds.

Ovid Therapeutics Company Profile

Ovid Therapeutics Inc is a clinical-stage biopharmaceutical company focused on developing medicines for rare neurological disorders, including epilepsies and neurodevelopmental conditions. The company’s research programs are designed to address diseases with significant unmet medical needs and limited treatment options.

Ovid has developed a pipeline of investigational therapies targeting the underlying biology of neurological disorders. Its programs have included treatments for seizure disorders such as Dravet syndrome and Lennox-Gastaut syndrome, as well as potential therapies for other rare epileptic and neurodevelopmental conditions.