ADAR1 Capital Management LLC Purchases New Holdings in Ovid Therapeutics $OVID

Key Points

• ADAR1 Capital Management acquired 7.42 million Ovid Therapeutics shares worth approximately $19.95 million, representing a 3.97% stake and 0.9% of its portfolio. Institutional investors collectively own 72.24% of Ovid.
• Ovid reported a quarterly loss of $0.08 per share, beating estimates for a $0.12 loss, while revenue reached $0.73 million versus the $0.02 million consensus estimate. The company remains unprofitable, with a negative net margin of 240.11%.
• Analyst sentiment is moderately positive: MarketBeat reports a “Moderate Buy” consensus and a $5.71 average price target, compared with the stock’s reported opening price of $2.91.

ADAR1 Capital Management LLC acquired a new position in Ovid Therapeutics (NASDAQ:OVID - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 7,417,479 shares of the company's stock, valued at approximately $19,953,000. Ovid Therapeutics comprises approximately 0.9% of ADAR1 Capital Management LLC's investment portfolio, making the stock its 24th largest position. ADAR1 Capital Management LLC owned 3.97% of Ovid Therapeutics as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the company. Private Advisor Group LLC acquired a new position in Ovid Therapeutics in the third quarter valued at approximately $33,000. Legal & General Group Plc bought a new position in Ovid Therapeutics in the second quarter valued at approximately $40,000. Total Clarity Wealth Management Inc. acquired a new stake in Ovid Therapeutics during the 4th quarter worth $47,000. Jane Street Group LLC acquired a new stake in shares of Ovid Therapeutics during the second quarter worth $47,000. Finally, State of Wyoming acquired a new stake in shares of Ovid Therapeutics during the first quarter worth $49,000. Institutional investors and hedge funds own 72.24% of the company's stock.

Ovid Therapeutics Price Performance

Shares of OVID opened at $2.91 on Wednesday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 12.39 and a current ratio of 12.39. The stock has a 50 day simple moving average of $2.55 and a 200 day simple moving average of $2.37. Ovid Therapeutics has a 52-week low of $1.12 and a 52-week high of $3.11. The firm has a market capitalization of $568.32 million, a PE ratio of -9.39 and a beta of 0.21.

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 for the quarter, beating analysts' consensus estimates of ($0.12) by $0.04. The firm had revenue of $0.73 million for the quarter, compared to analyst estimates of $0.02 million. Ovid Therapeutics had a negative net margin of 240.11% and a negative return on equity of 23.64%. Sell-side analysts predict that Ovid Therapeutics will post -0.4 EPS for the current fiscal year.

Analyst Ratings Changes

OVID has been the topic of several analyst reports. Oppenheimer increased their target price on Ovid Therapeutics from $7.00 to $9.00 and gave the company an "outperform" rating in a research note on Monday, August 3rd. Wall Street Zen upgraded Ovid Therapeutics from a "sell" rating to a "hold" rating in a research report on Saturday, August 15th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Ovid Therapeutics in a research note on Friday, July 17th. B. Riley Financial reaffirmed a "buy" rating on shares of Ovid Therapeutics in a research note on Tuesday, July 21st. Finally, Roth Capital reiterated a "buy" rating and issued a $7.00 price target on shares of Ovid Therapeutics in a research report on Thursday, May 14th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, Ovid Therapeutics presently has a consensus rating of "Moderate Buy" and a consensus price target of $5.71.

Ovid Therapeutics Company Profile

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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