Ovid Therapeutics (NASDAQ:OVID) Stock Rating Upgraded by Wolfe Research

Key Points

• Wolfe Research upgraded Ovid Therapeutics to “strong buy,” adding to largely positive analyst coverage. The stock has an average “Buy” rating and a consensus price target of $6.00.
• Ovid shares opened at $2.26, compared with a 12-month range of $1.18 to $3.11. The company’s latest quarterly results beat expectations, reporting an adjusted loss of $0.08 per share versus the estimated $0.12 loss.
• Institutional investors own 72.24% of Ovid’s shares, with several firms recently initiating or increasing positions. Ovid is a clinical-stage biotechnology company developing treatments for rare neurological disorders.

Ovid Therapeutics (NASDAQ:OVID - Get Free Report) was upgraded by Wolfe Research to a "strong-buy" rating in a report released on Thursday, Zacks reports.

Several other research firms have also commented on OVID. B. Riley Financial restated a "buy" rating on shares of Ovid Therapeutics in a report on Tuesday, July 21st. 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. Cantor Fitzgerald started coverage on shares of Ovid Therapeutics in a research note on Friday, October 9th. They set an "overweight" rating on the stock. UBS Group reissued a "buy" rating on shares of Ovid Therapeutics in a research report on Friday, September 11th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Ovid Therapeutics in a research report on Thursday. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, Ovid Therapeutics currently has an average rating of "Buy" and an average price target of $6.00.

Ovid Therapeutics Price Performance

Shares of NASDAQ OVID opened at $2.26 on Thursday. The company has a current ratio of 12.39, a quick ratio of 12.39 and a debt-to-equity ratio of 0.05. Ovid Therapeutics has a 12-month low of $1.18 and a 12-month high of $3.11. The stock has a 50 day simple moving average of $2.63 and a 200-day simple moving average of $2.56.

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 (EPS) for the quarter, topping the consensus estimate of ($0.12) by $0.04. The business had revenue of $0.73 million during the quarter, compared to the consensus estimate of $0.02 million. On average, equities analysts expect that Ovid Therapeutics will post -0.37 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Legal & General Group Plc acquired a new position in shares of Ovid Therapeutics during the second quarter valued at about $40,000. E Fund Management Co. Ltd. acquired a new position in Ovid Therapeutics in the second quarter worth about $52,000. Sovereign Financial Group Inc. raised 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 in the last quarter. Focus Partners Advisor Solutions LLC acquired a new position in Ovid Therapeutics during the second quarter worth $54,000. Finally, Stonepine Capital Management LLC acquired a new stake in shares of Ovid Therapeutics during the 2nd quarter worth about $57,297. 72.24% of the stock is owned by 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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