Ovid Therapeutics (NASDAQ:OVID) Given New $5.00 Price Target at HC Wainwright

Key Points

• HC Wainwright raised Ovid Therapeutics’ price target from $4.00 to $5.00 and maintained a “buy” rating, implying approximately 90% upside from the stock’s reported $2.63 price.
• Analyst sentiment is broadly positive, with a “Moderate Buy” consensus and an average target price of $6.00; however, ratings range from “Strong Buy” to “Sell.”
• Ovid reported a quarterly loss of $0.08 per share, beating expectations of a $0.12 loss, while revenue reached $0.73 million. Institutional investors own 72.24% of the company’s shares.

Ovid Therapeutics (NASDAQ:OVID - Get Free Report) had its price objective increased by equities researchers at HC Wainwright from $4.00 to $5.00 in a research note issued to investors on Friday, MarketBeat.com reports. The brokerage currently has a "buy" rating on the stock. HC Wainwright's price objective points to a potential upside of 90.11% from the stock's current price.

A number of other analysts also recently issued reports on the stock. Roth Capital reiterated a "buy" rating and issued a $8.00 price target on shares of Ovid Therapeutics in a report on Thursday, September 3rd. B. Riley Financial reissued a "buy" rating on shares of Ovid Therapeutics in a report on Tuesday, July 21st. Wall Street Zen upgraded Ovid Therapeutics from a "sell" rating to a "hold" rating in a research report on Saturday, August 15th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Ovid Therapeutics in a report on Friday, July 17th. Finally, Oppenheimer boosted their target price on Ovid Therapeutics from $7.00 to $9.00 and gave the stock an "outperform" rating in a research report on Monday, August 3rd. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $6.00.

Ovid Therapeutics Trading Down 2.6%

OVID stock opened at $2.63 on Friday. Ovid Therapeutics has a 1-year low of $1.12 and a 1-year high of $3.11. The company has a debt-to-equity ratio of 0.05, a current ratio of 12.39 and a quick ratio of 12.39. The company has a market capitalization of $513.64 million, a price-to-earnings ratio of -8.48 and a beta of 0.24. The business has a 50 day simple moving average of $2.62 and a two-hundred day simple moving average of $2.48.

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 (EPS) for the quarter, beating the consensus estimate of ($0.12) by $0.04. Ovid Therapeutics had a negative net margin of 240.11% and a negative return on equity of 23.64%. The firm had revenue of $0.73 million for the quarter, compared to analysts' expectations of $0.02 million. Research analysts anticipate that Ovid Therapeutics will post -0.39 EPS for the current fiscal year.

Hedge Funds Weigh In On Ovid Therapeutics

Institutional investors have recently bought and sold shares of the business. Jupiter Topco LLC bought a new stake in shares of Ovid Therapeutics in the 2nd quarter worth about $55,898,000. BlackRock Inc. purchased a new position in Ovid Therapeutics in the second quarter worth about $29,115,000. Janus Henderson Group PLC purchased a new position in Ovid Therapeutics in the first quarter worth about $23,732,000. RA Capital Management L.P. bought a new stake in Ovid Therapeutics during the fourth quarter worth approximately $17,464,000. Finally, Affinity Asset Advisors LLC increased its stake in Ovid Therapeutics by 48.8% during the first quarter. Affinity Asset Advisors LLC now owns 10,636,318 shares of the company's stock worth $23,613,000 after acquiring an additional 3,486,318 shares during the last quarter. Institutional investors 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.

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