Ovid Therapeutics (NASDAQ:OVID) Releases Quarterly Earnings Results, Misses Estimates By $0.02 EPS

Ovid Therapeutics (NASDAQ:OVID) posted its earnings results on Tuesday. The company reported ($0.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.02), FiscalAI reports. The firm had revenue of $0.13 million during the quarter, compared to the consensus estimate of $0.17 million. Ovid Therapeutics had a negative net margin of 574.44% and a negative return on equity of 58.87%.

Ovid Therapeutics Price Performance

Shares of NASDAQ OVID traded down $0.02 during midday trading on Wednesday, reaching $1.33. 1,047,901 shares of the company were exchanged, compared to its average volume of 1,500,371. The company has a quick ratio of 4.72, a current ratio of 4.72 and a debt-to-equity ratio of 0.23. Ovid Therapeutics has a one year low of $0.24 and a one year high of $2.01. The stock has a market cap of $94.58 million, a P/E ratio of -2.51 and a beta of 0.32. The stock’s 50-day moving average price is $1.44 and its 200-day moving average price is $0.82.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Bank of America Corp DE boosted its holdings in shares of Ovid Therapeutics by 49.7% during the 4th quarter. Bank of America Corp DE now owns 56,733 shares of the company’s stock worth $53,000 after buying an additional 18,841 shares in the last quarter. Jane Street Group LLC bought a new position in Ovid Therapeutics in the 2nd quarter valued at about $47,000. Marshall Wace LLP purchased a new position in shares of Ovid Therapeutics during the second quarter valued at approximately $54,000. Vanguard Group Inc. raised its holdings in shares of Ovid Therapeutics by 7.0% in the third quarter. Vanguard Group Inc. now owns 2,820,813 shares of the company’s stock valued at $3,667,000 after purchasing an additional 184,698 shares during the last quarter. Finally, Acadian Asset Management LLC boosted its stake in shares of Ovid Therapeutics by 12.8% in the 1st quarter. Acadian Asset Management LLC now owns 2,088,046 shares of the company’s stock worth $650,000 after buying an additional 237,445 shares during the last quarter. Institutional investors own 72.24% of the company’s stock.

Analyst Ratings Changes

OVID has been the topic of several recent research reports. B. Riley reaffirmed a “buy” rating on shares of Ovid Therapeutics in a research note on Friday, October 10th. Weiss Ratings reissued a “sell (d-)” rating on shares of Ovid Therapeutics in a research note on Wednesday, October 8th. Oppenheimer began coverage on Ovid Therapeutics in a research note on Thursday, October 9th. They issued an “outperform” rating and a $7.00 price target on the stock. Finally, Wall Street Zen upgraded shares of Ovid Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday, August 16th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $3.70.

About Ovid Therapeutics

Ovid Therapeutics Inc, a biopharmaceutical company, engages in the development of impactful medicines for patients and families with epilepsies and seizure-related neurological disorders in the United States. The company is developing soticlestat, a novel cholesterol 24 hydroxylase inhibitor, which is in Phase 3 clinical trials for the potential treatment of patients with resistant epilepsies; OV329, a GABA aminotransferase inhibitor which is in Phase 1 clinical trials for the treatment of seizures associated with tuberous sclerosis complex and infantile spasms; and OV350, a small molecule direct activator of the KCC2 transporter, which is in Phase 1 clinical trials for treating epilepsies.