Ovid Therapeutics (NASDAQ:OVID) Receives Consensus Rating of "Moderate Buy" from Brokerages

Key Points

• Ovid Therapeutics has a “Moderate Buy” consensus rating from 10 analysts: eight rate it a buy, one a strong buy, and one a sell. The average 12-month price target is $6.00, versus a reported share price of $2.68.
• Several analysts recently raised or maintained bullish targets, including Oppenheimer at $9.00, Roth Capital at $8.00, and HC Wainwright at $5.00.
• Institutional investors own 72.24% of Ovid’s stock, while the company’s latest quarterly results beat expectations with an adjusted loss of $0.08 per share versus the estimated $0.12 loss.

Ovid Therapeutics (NASDAQ:OVID - Get Free Report) has received a consensus rating of "Moderate Buy" from the ten ratings firms that are covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, eight have issued a buy rating and one has issued a strong buy rating on the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $6.00.

Several equities research analysts have issued reports on the stock. HC Wainwright lifted their target price on shares of Ovid Therapeutics from $4.00 to $5.00 and gave the company a "buy" rating in a research report on Friday, September 11th. B. Riley Financial reissued a "buy" rating on shares of Ovid Therapeutics in a report on Tuesday, July 21st. Oppenheimer raised their price objective on shares of Ovid Therapeutics from $7.00 to $9.00 and gave the company an "outperform" rating in a research report on Monday, August 3rd. Wall Street Zen raised shares of Ovid Therapeutics from a "sell" rating to a "hold" rating in a report on Saturday, August 15th. Finally, Roth Capital reiterated a "buy" rating and issued a $8.00 target price on shares of Ovid Therapeutics in a research report on Thursday, September 3rd.

Hedge Funds Weigh In On Ovid Therapeutics

Large investors have recently modified their holdings of the company. Legal & General Group Plc purchased a new stake in Ovid Therapeutics in the second quarter worth approximately $40,000. State of Wyoming purchased a new position in shares of Ovid Therapeutics during the first quarter worth approximately $49,000. E Fund Management Co. Ltd. purchased a new position in shares of Ovid Therapeutics during the second quarter worth approximately $52,000. Focus Partners Advisor Solutions LLC purchased a new position in shares of Ovid Therapeutics during the second quarter worth approximately $54,000. Finally, Stonepine Capital Management LLC bought a new stake in shares of Ovid Therapeutics in the 2nd quarter worth approximately $57,297. 72.24% of the stock is owned by hedge funds and other institutional investors.

Ovid Therapeutics Stock Performance

NASDAQ:OVID opened at $2.68 on Thursday. The business's 50-day moving average price is $2.62 and its two-hundred day moving average price is $2.51. Ovid Therapeutics has a twelve month low of $1.12 and a twelve month high of $3.11. The stock has a market cap of $523.40 million, a P/E ratio of -8.64 and a beta of 0.24. The company has a quick ratio of 12.39, a current ratio of 12.39 and a debt-to-equity ratio of 0.05.

Ovid Therapeutics (NASDAQ:OVID - Get Free Report) last issued its quarterly earnings results on Thursday, August 13th. The company reported ($0.08) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.12) by $0.04. The firm had revenue of $0.73 million during the quarter, compared to the consensus estimate of $0.02 million. Ovid Therapeutics had a negative return on equity of 23.64% and a negative net margin of 240.11%. As a group, equities analysts predict that Ovid Therapeutics will post -0.37 EPS for the current fiscal year.

About Ovid Therapeutics

Ovid Therapeutics Inc is a clinical-stage biopharmaceutical company focused on developing medicines for rare epileptic disorders and other diseases of the brain. The company's research programs are designed to address significant unmet needs in patients with severe neurological conditions, including developmental and epileptic encephalopathies.

Ovid has developed a pipeline of investigational therapies targeting the underlying biology of epilepsy and related neurological disorders. Its programs have included soticlestat, an investigational treatment studied in rare epilepsies such as Dravet syndrome and Lennox-Gastaut syndrome, as well as earlier-stage compounds aimed at modulating neurotransmission and reducing seizure activity.

Founded in 2014 and headquartered in New York, Ovid has advanced its programs through collaborations with larger pharmaceutical companies, including a collaboration with Takeda Pharmaceutical Company involving soticlestat.

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