Ovid Therapeutics (NASDAQ:OVID) Stock Now Rated "Moderate Buy" by Sell-Side Brokerages

Key Points

• Analysts rate Ovid Therapeutics “Moderate Buy”: Of 13 covering firms, 11 recommend buying, one recommends a strong buy, and one has a sell rating. The average 12-month price target is $6.00.
• Recent analyst views included Oppenheimer raising its price target from $7 to $9 with an “outperform” rating, while Guggenheim initiated coverage with a $7 target and a “buy” rating.
• Institutional investors and hedge funds own 72.24% of the stock. Ovid’s latest reported quarterly loss of $0.08 per share was smaller than analysts’ expected loss of $0.12.

Ovid Therapeutics (NASDAQ:OVID - Get Free Report) has been assigned a consensus rating of "Moderate Buy" from the thirteen research firms that are presently covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, eleven have issued a buy rating and one has issued a strong buy rating on the company. The average 12 month price target among brokers that have covered the stock in the last year is $6.00.

Several brokerages recently weighed in on OVID. Guggenheim assumed coverage on shares of Ovid Therapeutics in a research note on Tuesday, October 6th. They issued a "buy" rating and a $7.00 price objective on the stock. UBS Group reaffirmed a "buy" rating on shares of Ovid Therapeutics in a research report on Friday, September 11th. Oppenheimer lifted their target price on Ovid Therapeutics from $7.00 to $9.00 and gave the stock an "outperform" rating in a report on Monday, August 3rd. Cantor Fitzgerald initiated coverage on Ovid Therapeutics in a research report on Friday, October 9th. They issued an "overweight" rating on the stock. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Ovid Therapeutics in a research note on Thursday, October 15th.

Hedge Funds Weigh In On Ovid Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Jupiter Topco LLC acquired a new position in shares of Ovid Therapeutics during the 2nd quarter valued at $55,898,000. BlackRock Inc. bought a new position in Ovid Therapeutics during the second quarter worth $29,115,000. Janus Henderson Group PLC acquired a new stake in Ovid Therapeutics in the first quarter worth $23,732,000. Affinity Asset Advisors LLC grew its holdings in Ovid Therapeutics by 48.8% in the first quarter. Affinity Asset Advisors LLC now owns 10,636,318 shares of the company's stock worth $23,613,000 after purchasing an additional 3,486,318 shares during the period. Finally, ADAR1 Capital Management LLC acquired a new stake in Ovid Therapeutics in the second quarter worth $19,953,000. 72.24% of the stock is owned by institutional investors and hedge funds.

Ovid Therapeutics Stock Down 5.8%

NASDAQ:OVID opened at $2.58 on Friday. The firm's 50 day simple moving average is $2.51 and its 200 day simple moving average is $2.37. 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 one year low of $1.18 and a one year high of $3.11. The company has a market cap of $503.87 million, a PE ratio of -8.32 and a beta of 0.24.

Ovid Therapeutics (NASDAQ:OVID - Get Free Report) last announced its quarterly earnings results 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. The business had revenue of $0.73 million during the quarter, compared to analyst estimates of $0.02 million. On average, research analysts anticipate that Ovid Therapeutics will post -0.37 earnings per share for the current year.

Ovid Therapeutics Company Profile

Ovid Therapeutics Inc is a clinical-stage biopharmaceutical company focused on developing medicines for epilepsies and other disorders of the central nervous system. The company's research has concentrated on conditions with significant unmet medical needs, including rare epileptic and neurodevelopmental disorders.

Ovid's pipeline has included soticlestat, an investigational therapy developed in collaboration with Takeda Pharmaceutical Company for developmental and epileptic encephalopathies such as Dravet syndrome and Lennox-Gastaut syndrome.

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