Janus Henderson Group PLC Takes $23.73 Million Position in Ovid Therapeutics $OVID

Key Points

• Janus Henderson Group acquired 10.714 million Ovid Therapeutics shares worth approximately $23.7 million, giving it an 8.12% stake. Institutional investors and hedge funds collectively own 72.24% of OVID.
• Analyst sentiment is generally positive, with a consensus rating of “Moderate Buy” and an average price target of $5.38; targets range from $4 to $9, although two ratings assign a sell recommendation.
• Ovid shares opened at $2.33, compared with a 52-week range of $0.47 to $3.11. The clinical-stage biopharmaceutical company is developing therapies for rare neurological disorders, including Angelman and Fragile X syndromes.

Janus Henderson Group PLC bought a new position in Ovid Therapeutics (NASDAQ:OVID - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 10,714,000 shares of the company's stock, valued at approximately $23,732,000. Janus Henderson Group PLC owned about 8.12% of Ovid Therapeutics at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of OVID. LPL Financial LLC lifted its holdings in shares of Ovid Therapeutics by 150.0% during the fourth quarter. LPL Financial LLC now owns 30,000 shares of the company's stock worth $49,000 after purchasing an additional 18,000 shares during the period. Bank of America Corp DE boosted its holdings in shares of Ovid Therapeutics by 49.7% in the 4th 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. increased its stake 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 worth $67,000 after acquiring an additional 20,000 shares during the period. State of Wyoming acquired a new position in Ovid Therapeutics during the first quarter valued at $49,000. Finally, Geode Capital Management LLC boosted its holdings in Ovid Therapeutics by 3.7% in the fourth quarter. Geode Capital Management LLC now owns 672,004 shares of the company's stock valued at $1,096,000 after purchasing an additional 23,984 shares during the last quarter. 72.24% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. HC Wainwright lifted their price objective on Ovid Therapeutics from $2.00 to $4.00 and gave the company a "buy" rating in a research note on Thursday, April 9th. Wall Street Zen downgraded Ovid Therapeutics from a "hold" rating to a "sell" rating in a report on Saturday, July 25th. Roth Capital restated 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 reaffirmed a "sell (d-)" rating on shares of Ovid Therapeutics in a research note on Friday, July 17th. Finally, Oppenheimer lifted their target price on shares of Ovid Therapeutics from $7.00 to $9.00 and gave the company an "outperform" rating in a report on Monday. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $5.38.

Ovid Therapeutics Price Performance

NASDAQ:OVID opened at $2.33 on Tuesday. The company has a quick ratio of 10.17, a current ratio of 10.17 and a debt-to-equity ratio of 0.06. Ovid Therapeutics has a 52 week low of $0.47 and a 52 week high of $3.11. The stock's 50-day moving average price is $2.45 and its 200-day moving average price is $2.25. The stock has a market capitalization of $434.87 million, a PE ratio of -8.03 and a beta of 0.21.

Ovid Therapeutics (NASDAQ:OVID - Get Free Report) last released its quarterly earnings results on Tuesday, May 12th. The company reported ($0.12) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.12). Ovid Therapeutics had a negative return on equity of 22.51% and a negative net margin of 240.11%. As a group, equities analysts expect that Ovid Therapeutics will post -0.5 EPS for the current fiscal year.

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.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source