Ovid Therapeutics (NASDAQ:OVID) Stock Picked Up by Analysts at Cantor Fitzgerald

Key Points

• Cantor Fitzgerald initiated coverage of Ovid Therapeutics with an “overweight” rating, adding to broadly positive analyst sentiment. The stock has an average “Moderate Buy” rating and a consensus price target of $6.12.
• Ovid shares opened at $2.34, compared with a 52-week range of $1.18 to $3.11. The company reported a quarterly loss of $0.08 per share, beating analyst expectations for a $0.12 loss, while revenue reached $0.73 million.
• Institutional investors own 72.24% of Ovid’s stock, with several hedge funds recently initiating or increasing positions. Ovid is a clinical-stage biopharmaceutical company developing treatments for rare neurological disorders.

Cantor Fitzgerald assumed coverage on shares of Ovid Therapeutics (NASDAQ:OVID - Get Free Report) in a research report issued to clients and investors on Friday, Marketbeat Ratings reports. The brokerage set an "overweight" rating on the stock.

A number of other analysts have also recently commented on the stock. UBS Group reissued a "buy" rating on shares of Ovid Therapeutics in a research note on Friday, September 11th. Wall Street Zen upgraded Ovid Therapeutics from a "sell" rating to a "hold" rating in a report on Saturday, August 15th. B. Riley Financial reiterated a "buy" rating on shares of Ovid Therapeutics in a research note on Tuesday, July 21st. Roth Capital reiterated a "buy" rating and set a $8.00 price objective on shares of Ovid Therapeutics in a research note on Thursday, September 3rd. Finally, HC Wainwright increased their target price on Ovid Therapeutics from $4.00 to $5.00 and gave the company a "buy" rating in a report on Friday, September 11th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $6.12.

Ovid Therapeutics Price Performance

Ovid Therapeutics stock opened at $2.34 on Friday. The company's fifty day moving average price is $2.65 and its 200 day moving average price is $2.57. Ovid Therapeutics has a 1 year low of $1.18 and a 1 year high of $3.11. The stock has a market capitalization of $457.00 million, a P/E ratio of -7.55 and a beta of 0.22. The company has a debt-to-equity ratio of 0.05, a quick ratio of 12.39 and a current ratio of 12.39.

Ovid Therapeutics (NASDAQ:OVID - Get Free Report) last posted its quarterly earnings data on Thursday, August 13th. The company reported ($0.08) earnings per share for the quarter, topping analysts' consensus estimates of ($0.12) by $0.04. The company had revenue of $0.73 million for the quarter, compared to analyst estimates of $0.02 million. As a group, equities research analysts anticipate that Ovid Therapeutics will post -0.37 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Ovid Therapeutics

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

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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