416,318 Shares in Ovid Therapeutics $OVID Purchased by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon acquired 416,318 Ovid Therapeutics shares worth approximately $1.12 million, representing about 0.22% of the company. Institutional investors and hedge funds collectively own 72.24% of Ovid’s stock.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and an average price target of $5.86; targets from Roth Capital and Oppenheimer reached $8 and $9, respectively.
• Ovid reported a quarterly loss of $0.08 per share, beating estimates for a $0.12 loss, while revenue of $730,000 exceeded expectations. The clinical-stage biotech develops treatments for rare neurological disorders, including Angelman and Fragile X syndromes.

Bank of New York Mellon Corp purchased a new position in shares of Ovid Therapeutics (NASDAQ:OVID - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 416,318 shares of the company's stock, valued at approximately $1,120,000. Bank of New York Mellon Corp owned approximately 0.22% of Ovid Therapeutics at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. LPL Financial LLC lifted its holdings in Ovid Therapeutics by 150.0% during the fourth quarter. LPL Financial LLC now owns 30,000 shares of the company's stock valued at $49,000 after purchasing an additional 18,000 shares in the last quarter. Bank of America Corp DE raised its holdings in shares of Ovid Therapeutics by 49.7% during the fourth quarter. Bank of America Corp DE now owns 56,733 shares of the company's stock valued at $53,000 after acquiring an additional 18,841 shares during the last quarter. Sovereign Financial Group Inc. lifted its position in shares of Ovid Therapeutics by 200.0% in the first quarter. Sovereign Financial Group Inc. now owns 30,000 shares of the company's stock valued at $67,000 after acquiring an additional 20,000 shares in the last quarter. Focus Partners Advisor Solutions LLC purchased a new position in shares of Ovid Therapeutics in the second quarter valued at approximately $54,000. Finally, State of Wyoming acquired a new stake in shares of Ovid Therapeutics in the first quarter worth approximately $49,000. 72.24% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

OVID has been the subject of a number of recent research reports. B. Riley Financial reiterated a "buy" rating on shares of Ovid Therapeutics in a report on Tuesday, July 21st. Roth Capital restated a "buy" rating and set a $8.00 target price on shares of Ovid Therapeutics in a report on Thursday, September 3rd. Weiss Ratings restated a "sell (d-)" rating on shares of Ovid Therapeutics in a research report on Friday, July 17th. Wall Street Zen raised Ovid Therapeutics from a "sell" rating to a "hold" rating in a report on Saturday, August 15th. Finally, Oppenheimer lifted their price objective on Ovid Therapeutics from $7.00 to $9.00 and gave the stock an "outperform" rating in a research report on Monday, August 3rd. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Ovid Therapeutics presently has a consensus rating of "Moderate Buy" and an average target price of $5.86.

Ovid Therapeutics Price Performance

NASDAQ:OVID opened at $2.63 on Friday. Ovid Therapeutics has a 52 week low of $1.12 and a 52 week high of $3.11. The stock's fifty day moving average is $2.62 and its two-hundred day moving average is $2.48. The company has a market capitalization of $513.64 million, a P/E ratio of -8.48 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 released its quarterly earnings results 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 business had revenue of $0.73 million during the quarter, compared to analysts' expectations of $0.02 million. Ovid Therapeutics had a negative return on equity of 23.64% and a negative net margin of 240.11%. Equities analysts expect that Ovid Therapeutics will post -0.39 EPS for the current year.

About Ovid Therapeutics

Ovid Therapeutics is a clinical-stage biopharmaceutical company focused on the development of therapies for rare neurological disorders. Founded in 2014 and headquartered in New York, the company applies a precision medicine approach to target underlying mechanisms of disease in patients with genetic conditions affecting the central nervous system. Its research platform centers on small-molecule modulators of neurotransmitter pathways to restore neural network function in disorders with high unmet medical need.

The company's lead development candidate, OV101 (gaboxadol), is a selective extrasynaptic GABAA receptor agonist being investigated for the treatment of Angelman syndrome and Fragile X syndrome.

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