Braidwell LP Buys New Shares in Ovid Therapeutics $OVID

Key Points

• Braidwell LP acquired 5.92 million shares of Ovid Therapeutics in the second quarter, worth approximately $15.9 million and representing a 3.03% stake. Institutional investors and hedge funds collectively own 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 approximately $0.40 per share.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and a $5.71 target price compared with the stock’s $2.71 opening price; however, the company remains unprofitable with a negative net margin of 240.11%.

Braidwell LP purchased a new stake in Ovid Therapeutics (NASDAQ:OVID - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 5,919,464 shares of the company's stock, valued at approximately $15,923,000. Braidwell LP owned 3.03% of Ovid Therapeutics at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Two Sigma Securities LLC increased its holdings in shares of Ovid Therapeutics by 182.3% during the 2nd quarter. Two Sigma Securities LLC now owns 71,487 shares of the company's stock worth $192,000 after purchasing an additional 46,163 shares during the period. Wellington Management Group LLP bought a new stake in shares of Ovid Therapeutics in the second quarter valued at about $278,000. Empowered Funds LLC bought a new stake in shares of Ovid Therapeutics in the second quarter valued at about $245,000. Stonepine Capital Management LLC acquired a new stake in Ovid Therapeutics during the second quarter worth about $57,297. Finally, Bank of America Corp DE acquired a new stake in Ovid Therapeutics during the second quarter worth about $1,102,000. 72.24% of the stock is currently owned by institutional investors and hedge funds.

Ovid Therapeutics Price Performance

Shares of Ovid Therapeutics stock opened at $2.71 on Thursday. 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 stock has a market capitalization of $529.26 million, a price-to-earnings ratio of -8.74 and a beta of 0.24. Ovid Therapeutics has a 1-year low of $1.12 and a 1-year high of $3.11. The firm's 50-day moving average price is $2.60 and its two-hundred day moving average price is $2.43.

Ovid Therapeutics (NASDAQ:OVID - Get Free Report) last posted its 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 company had revenue of $0.73 million during 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%. On average, equities analysts predict that Ovid Therapeutics will post -0.4 earnings per share for the current fiscal year.

Analysts Set New Price Targets

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

Ovid Therapeutics 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.