BlackRock Inc. Takes Position in Ovid Therapeutics $OVID

Key Points

• BlackRock acquired 10.82 million Ovid Therapeutics shares worth approximately $29.1 million, giving it a 5.8% stake. Institutional investors collectively owned 72.24% of the company.
• Ovid reported a quarterly loss of $0.08 per share, beating estimates for a $0.12 loss, while revenue reached $0.73 million versus expectations of $0.02 million. Analysts expect a full-year loss of $0.40 per share.
• Shares opened at $2.76, within a 12-month range of $1.12 to $3.11. Analyst sentiment was a “Moderate Buy,” with a consensus price target of $5.71, although one firm maintained a sell rating.

BlackRock Inc. bought a new position in shares of Ovid Therapeutics (NASDAQ:OVID - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 10,823,480 shares of the company's stock, valued at approximately $29,115,000. BlackRock Inc. owned 5.80% of Ovid Therapeutics at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Bank of America Corp DE raised its stake in Ovid Therapeutics by 49.7% in the fourth quarter. Bank of America Corp DE now owns 56,733 shares of the company's stock valued at $53,000 after purchasing an additional 18,841 shares in the last quarter. Acadian Asset Management LLC boosted its position in Ovid Therapeutics by 12.8% during the first quarter. Acadian Asset Management LLC now owns 2,088,046 shares of the company's stock valued at $650,000 after buying an additional 237,445 shares during the period. Marshall Wace LLP bought a new position in shares of Ovid Therapeutics during the second quarter valued at about $54,000. Jane Street Group LLC bought a new position in shares of Ovid Therapeutics during the second quarter valued at about $47,000. Finally, Rosalind Advisors Inc. bought a new position in shares of Ovid Therapeutics during the second quarter valued at about $165,000. 72.24% of the stock is owned by institutional investors.

Ovid Therapeutics Price Performance

OVID opened at $2.76 on Wednesday. The stock has a fifty day simple moving average of $2.60 and a two-hundred day simple moving average of $2.42. The company has a current ratio of 12.39, a quick ratio of 12.39 and a debt-to-equity ratio of 0.05. The company has a market cap of $539.02 million, a price-to-earnings ratio of -8.90 and a beta of 0.21. Ovid Therapeutics has a 12-month low of $1.12 and a 12-month high of $3.11.

Ovid Therapeutics (NASDAQ:OVID - Get Free Report) last announced its earnings results on Thursday, August 13th. The company reported ($0.08) EPS 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 analysts' expectations of $0.02 million. Ovid Therapeutics had a negative net margin of 240.11% and a negative return on equity of 23.64%. Research analysts predict that Ovid Therapeutics will post -0.4 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. Oppenheimer boosted 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. B. Riley Financial reiterated a "buy" rating on shares of Ovid Therapeutics in a report on Tuesday, July 21st. Wall Street Zen raised Ovid Therapeutics from a "sell" rating to a "hold" rating in a research note on Saturday, August 15th. Roth Capital restated a "buy" rating and set a $7.00 price target on shares of Ovid Therapeutics in a report on Thursday, May 14th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Ovid Therapeutics in a research report on Friday, July 17th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, Ovid Therapeutics has an average rating of "Moderate Buy" and a consensus price target of $5.71.

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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