Ovid Therapeutics (NASDAQ:OVID) Now Covered by Analysts at Guggenheim

Key Points

• Guggenheim initiated coverage of Ovid Therapeutics with a Buy rating and a $7.00 price target, implying roughly 195% upside from the reported $2.37 share price.
• Analyst sentiment is broadly positive, with a consensus Buy rating and average price target of $6.12; two analysts rate the stock Strong Buy, eight rate it Buy, and one rates it Sell.
• Ovid reported a quarterly loss of $0.08 per share, beating expectations for a $0.12 loss, while revenue of $0.73 million exceeded the $0.02 million estimate. Institutional investors own approximately 72.24% of the company.

Research analysts at Guggenheim began coverage on shares of Ovid Therapeutics (NASDAQ:OVID - Get Free Report) in a report issued on Tuesday, Marketbeat.com reports. The firm set a "buy" rating and a $7.00 price target on the stock. Guggenheim's price target would suggest a potential upside of 195.36% from the company's current price.

Several other research analysts have also recently weighed in on OVID. Weiss Ratings reissued a "sell (d-)" rating on shares of Ovid Therapeutics in a research report on Friday, July 17th. Wall Street Zen upgraded shares of Ovid Therapeutics from a "sell" rating to a "hold" rating in a research report on Saturday, August 15th. HC Wainwright lifted their price objective on shares of Ovid Therapeutics from $4.00 to $5.00 and gave the stock a "buy" rating in a research report on Friday, September 11th. Roth Capital reiterated a "buy" rating and issued a $8.00 target price on shares of Ovid Therapeutics in a research note on Thursday, September 3rd. Finally, B. Riley Financial reissued a "buy" rating on shares of Ovid Therapeutics in a research report on Tuesday, July 21st. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $6.12.

Ovid Therapeutics Price Performance

OVID opened at $2.37 on Tuesday. The firm's fifty day moving average price is $2.65 and its two-hundred day moving average price is $2.57. The company has a market capitalization of $462.86 million, a price-to-earnings ratio of -7.64 and a beta of 0.22. The company has a debt-to-equity ratio of 0.05, a current ratio of 12.39 and a quick ratio of 12.39. Ovid Therapeutics has a 1 year low of $1.18 and a 1 year high of $3.11.

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

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Legal & General Group Plc bought a new position in shares of Ovid Therapeutics in the second quarter worth approximately $40,000. E Fund Management Co. Ltd. purchased a new position in Ovid Therapeutics in the 2nd quarter worth approximately $52,000. Sovereign Financial Group Inc. increased its holdings in shares of Ovid Therapeutics by 200.0% in the 1st quarter. Sovereign Financial Group Inc. now owns 30,000 shares of the company's stock worth $67,000 after buying an additional 20,000 shares during the last quarter. Focus Partners Advisor Solutions LLC purchased a new stake in shares of Ovid Therapeutics during the 2nd quarter valued at $54,000. Finally, Stonepine Capital Management LLC bought a new stake in shares of Ovid Therapeutics during the 2nd quarter worth $57,297. Hedge funds and other institutional investors own 72.24% of the company's stock.

Ovid Therapeutics Company Profile

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.