Ovid Therapeutics (NASDAQ:OVID) Cut to "Sell" at Wall Street Zen

Key Points

• Wall Street Zen downgraded Ovid Therapeutics from “hold” to “sell.” The broader analyst consensus remains “Moderate Buy,” with a $6.00 average price target.
• Ovid reported quarterly EPS of -$0.10, missing the consensus estimate of -$0.08; analysts expect a full-year loss of $0.39 per share.
• The stock opened at $2.54, within its one-year range of $1.18 to $3.11, and institutional investors and hedge funds own 72.24% of its shares.

Ovid Therapeutics (NASDAQ:OVID - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research report issued to clients and investors on Saturday, Wall Street Zen reports.

OVID has been the subject of several other research reports. Guggenheim began coverage on shares of Ovid Therapeutics in a research report on Tuesday, October 6th. They set a "buy" rating and a $7.00 price objective for the company. Cantor Fitzgerald initiated coverage on shares of Ovid Therapeutics in a research report on Friday, October 9th. They set an "overweight" rating on the stock. Wolfe Research initiated coverage on shares of Ovid Therapeutics in a research note on Thursday, October 15th. They set an "outperform" rating and a $5.00 target price on the stock. UBS Group restated a "buy" rating on shares of Ovid Therapeutics in a report on Friday, September 11th. Finally, B. Riley Financial restated a "buy" rating on shares of Ovid Therapeutics in a report on Tuesday, July 21st. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Ovid Therapeutics presently has a consensus rating of "Moderate Buy" and a consensus target price of $6.00.

Ovid Therapeutics Trading Down 0.4%

NASDAQ OVID opened at $2.54 on Friday. The business has a 50 day simple moving average of $2.51 and a 200 day simple moving average of $2.40. Ovid Therapeutics has a one year low of $1.18 and a one year high of $3.11. The stock has a market capitalization of $479.37 million, a P/E ratio of -10.58 and a beta of 0.24. The company has a debt-to-equity ratio of 0.05, a current ratio of 11.97 and a quick ratio of 12.39.

Ovid Therapeutics (NASDAQ:OVID - Get Free Report) last issued its quarterly earnings results on Tuesday, November 10th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.02). Research analysts expect that Ovid Therapeutics will post -0.39 earnings per share for the current year.

Institutional Investors Weigh In On Ovid Therapeutics

A number of hedge funds have recently added to or reduced their stakes in the company. Legal & General Group Plc bought a new stake in shares of Ovid Therapeutics during the second quarter valued at approximately $40,000. State of Wyoming bought a new position in shares of Ovid Therapeutics in the 1st quarter worth $49,000. StoneX Group Inc. bought a new position in shares of Ovid Therapeutics in the 3rd quarter worth $51,000. E Fund Management Co. Ltd. bought a new position in shares of Ovid Therapeutics in the 2nd quarter worth $52,000. Finally, Focus Partners Advisor Solutions LLC acquired a new stake in Ovid Therapeutics in the 2nd quarter valued at $54,000. Institutional investors and hedge funds own 72.24% of the company's stock.

Ovid Therapeutics Company Profile

Ovid Therapeutics Inc. is a biopharmaceutical company focused on developing medicines for epilepsies and other neurological disorders. Its work targets conditions with significant unmet treatment needs, including rare and difficult-to-treat seizure disorders. The company's lead development program, OV329, is an investigational GABA aminotransferase inhibitor being studied as a potential treatment for seizures, including infantile spasms and focal-onset seizures. Ovid's pipeline and research programs may change as clinical development progresses.

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