Ovid Therapeutics (NASDAQ:OVID) Coverage Initiated by Analysts at Guggenheim

Key Points

• Guggenheim initiated coverage of Ovid Therapeutics with a “buy” rating and a $7.00 price target, implying approximately 198.5% upside from the stock’s $2.35 price.
• Analyst sentiment is broadly positive: Ovid has an average “Moderate Buy” rating and a consensus price target of $6.12, although one analyst maintains a sell rating.
• Ovid reported a quarterly loss of $0.08 per share, beating expectations of a $0.12 loss, while institutional investors own 72.24% of the company’s stock.

Stock analysts at Guggenheim initiated coverage on shares of Ovid Therapeutics (NASDAQ:OVID - Get Free Report) in a research note issued to investors on Monday, Benzinga reports. The firm set a "buy" rating and a $7.00 price target on the stock. Guggenheim's target price would indicate a potential upside of 198.51% from the company's current price.

A number of other research analysts have also recently issued reports on OVID. Oppenheimer lifted their price objective on Ovid Therapeutics from $7.00 to $9.00 and gave the company an "outperform" rating in a report on Monday, August 3rd. B. Riley Financial reiterated a "buy" rating on shares of Ovid Therapeutics in a research report on Tuesday, July 21st. Weiss Ratings reissued a "sell (d-)" rating on shares of Ovid Therapeutics in a report on Friday, July 17th. Roth Capital restated a "buy" rating and issued a $8.00 price target on shares of Ovid Therapeutics in a research report on Thursday, September 3rd. Finally, HC Wainwright upped their price objective on shares of Ovid Therapeutics from $4.00 to $5.00 and gave the stock a "buy" rating in a research note on Friday, September 11th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $6.12.

Ovid Therapeutics Price Performance

OVID traded down $0.04 during midday trading on Monday, reaching $2.35. 806,380 shares of the company's stock were exchanged, compared to its average volume of 2,326,602. The company has a quick ratio of 12.39, a current ratio of 12.39 and a debt-to-equity ratio of 0.05. The business has a 50-day simple moving average of $2.65 and a two-hundred day simple moving average of $2.57. The firm has a market capitalization of $457.98 million, a price-to-earnings ratio of -7.56 and a beta of 0.22. Ovid Therapeutics has a one year low of $1.18 and a one year high of $3.11.

Ovid Therapeutics (NASDAQ:OVID - Get Free Report) last released its quarterly earnings data on Thursday, August 13th. The company reported ($0.08) earnings per share for the quarter, beating the consensus estimate 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. As a group, research analysts predict that Ovid Therapeutics will post -0.37 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Spark Investment Management LLC bought a new stake in shares of Ovid Therapeutics during the second quarter valued at approximately $86,000. Braidwell LP acquired a new position in Ovid Therapeutics during the 2nd quarter worth $15,923,000. Two Sigma Securities LLC lifted its holdings in Ovid Therapeutics by 182.3% during the 2nd quarter. Two Sigma Securities LLC now owns 71,487 shares of the company's stock worth $192,000 after buying an additional 46,163 shares in the last quarter. Wellington Management Group LLP bought a new position in Ovid Therapeutics in the 2nd quarter valued at $278,000. Finally, Empowered Funds LLC acquired a new stake in shares of Ovid Therapeutics in the 2nd quarter valued at $245,000. Institutional investors and hedge funds own 72.24% of the company's stock.

About Ovid Therapeutics

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.

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