Ovid Therapeutics (NASDAQ:OVID) Given “Outperform” Rating at Wedbush

Wedbush restated their outperform rating on shares of Ovid Therapeutics (NASDAQ:OVID) in a report issued on Wednesday morning,Benzinga reports. They currently have a $7.00 target price on the stock.

Several other equities analysts have also recently weighed in on the stock. HC Wainwright raised their target price on shares of Ovid Therapeutics from $2.00 to $4.00 and gave the company a “buy” rating in a research note on Thursday, April 9th. BTIG Research reissued a “buy” rating and issued a $4.00 target price on shares of Ovid Therapeutics in a research note on Thursday, March 26th. Weiss Ratings reissued a “sell (d-)” rating on shares of Ovid Therapeutics in a research note on Thursday, January 22nd. Lifesci Capital initiated coverage on shares of Ovid Therapeutics in a report on Monday, December 22nd. They issued an “outperform” rating and a $4.00 target price on the stock. Finally, Wall Street Zen raised shares of Ovid Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday, March 21st. Two analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $4.63.

Ovid Therapeutics Trading Down 6.8%

Shares of NASDAQ:OVID opened at $2.76 on Wednesday. The company’s 50-day moving average price is $2.02 and its two-hundred day moving average price is $1.72. The company has a debt-to-equity ratio of 0.09, a current ratio of 8.97 and a quick ratio of 8.97. Ovid Therapeutics has a one year low of $0.26 and a one year high of $3.11. The stock has a market capitalization of $363.99 million, a PE ratio of -8.90 and a beta of -0.03.

Ovid Therapeutics (NASDAQ:OVID) last issued its quarterly earnings results on Wednesday, March 18th. The company reported $0.06 EPS for the quarter, topping the consensus estimate of ($0.10) by $0.16. Ovid Therapeutics had a negative net margin of 240.11% and a negative return on equity of 23.98%. The firm had revenue of $0.72 million for the quarter, compared to analysts’ expectations of $0.06 million. On average, equities analysts forecast that Ovid Therapeutics will post -0.4 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of OVID. LPL Financial LLC increased its holdings in shares of Ovid Therapeutics by 150.0% during the fourth quarter. LPL Financial LLC now owns 30,000 shares of the company’s stock worth $49,000 after purchasing an additional 18,000 shares during the period. Bank of America Corp DE increased its holdings 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 worth $53,000 after purchasing an additional 18,841 shares during the period. Benin Management CORP bought a new position in shares of Ovid Therapeutics during the fourth quarter worth approximately $31,000. Geode Capital Management LLC increased its holdings in shares of Ovid Therapeutics by 3.7% during the fourth quarter. Geode Capital Management LLC now owns 672,004 shares of the company’s stock worth $1,096,000 after purchasing an additional 23,984 shares during the period. Finally, Private Advisor Group LLC bought a new position in shares of Ovid Therapeutics during the third quarter worth approximately $33,000. Institutional investors and hedge funds own 72.24% of the company’s stock.

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.