Wedbush Comments on Ovid Therapeutics Inc.'s FY2024 Earnings (NASDAQ:OVID)

Ovid Therapeutics Inc. (NASDAQ:OVID - Free Report) - Wedbush decreased their FY2024 earnings per share estimates for Ovid Therapeutics in a report released on Tuesday, May 14th. Wedbush analyst L. Chico now expects that the company will post earnings of ($0.74) per share for the year, down from their prior estimate of ($0.73). Wedbush has a "Outperform" rating and a $8.00 price objective on the stock. The consensus estimate for Ovid Therapeutics' current full-year earnings is ($0.73) per share. Wedbush also issued estimates for Ovid Therapeutics' Q2 2025 earnings at ($0.25) EPS, Q3 2025 earnings at $0.03 EPS, FY2025 earnings at ($0.63) EPS and FY2026 earnings at ($0.64) EPS.

A number of other research analysts have also recently weighed in on the stock. B. Riley assumed coverage on shares of Ovid Therapeutics in a research report on Tuesday, April 30th. They set a "buy" rating and a $9.00 price objective on the stock. HC Wainwright restated a "buy" rating and set a $9.00 target price on shares of Ovid Therapeutics in a research note on Thursday. Finally, Citigroup cut their price target on shares of Ovid Therapeutics from $4.00 to $3.50 and set a "neutral" rating on the stock in a research note on Tuesday, May 7th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Ovid Therapeutics has a consensus rating of "Moderate Buy" and an average target price of $8.08.

Ovid Therapeutics Price Performance

Shares of Ovid Therapeutics stock traded down $0.04 during trading on Thursday, reaching $3.28. 105,233 shares of the stock traded hands, compared to its average volume of 183,529. The company has a market capitalization of $232.26 million, a price-to-earnings ratio of -4.43 and a beta of 0.69. The company has a debt-to-equity ratio of 0.17, a current ratio of 9.55 and a quick ratio of 9.55. The business has a fifty day simple moving average of $3.07 and a two-hundred day simple moving average of $3.30. Ovid Therapeutics has a 52-week low of $2.57 and a 52-week high of $4.14.

Ovid Therapeutics (NASDAQ:OVID - Get Free Report) last posted its quarterly earnings data on Friday, March 8th. The company reported ($0.22) EPS for the quarter, missing the consensus estimate of ($0.17) by ($0.05). The company had revenue of $0.14 million during the quarter, compared to the consensus estimate of $0.10 million. Ovid Therapeutics had a negative return on equity of 49.76% and a negative net margin of 13,351.53%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD raised its position in Ovid Therapeutics by 22.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 17,396 shares of the company's stock worth $54,000 after acquiring an additional 3,145 shares in the last quarter. China Universal Asset Management Co. Ltd. lifted its stake in shares of Ovid Therapeutics by 66.0% in the first quarter. China Universal Asset Management Co. Ltd. now owns 13,579 shares of the company's stock valued at $41,000 after purchasing an additional 5,401 shares during the period. Empowered Funds LLC boosted its holdings in Ovid Therapeutics by 8.1% during the first quarter. Empowered Funds LLC now owns 128,070 shares of the company's stock worth $391,000 after buying an additional 9,625 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its position in Ovid Therapeutics by 17.2% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 81,173 shares of the company's stock worth $312,000 after buying an additional 11,926 shares during the period. Finally, SG Americas Securities LLC increased its holdings in Ovid Therapeutics by 52.7% in the fourth quarter. SG Americas Securities LLC now owns 39,792 shares of the company's stock valued at $128,000 after buying an additional 13,728 shares in the last quarter. Institutional investors and hedge funds own 72.24% of the company's stock.

Insider Activity

In other Ovid Therapeutics news, CEO Jeremy M. Levin acquired 18,248 shares of the company's stock in a transaction on Monday, March 18th. The shares were bought at an average cost of $2.76 per share, for a total transaction of $50,364.48. Following the completion of the purchase, the chief executive officer now owns 3,616,715 shares in the company, valued at approximately $9,982,133.40. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 13.30% of the company's stock.

About Ovid Therapeutics

Ovid Therapeutics Inc, a biopharmaceutical company, engages in the development of impactful medicines for patients and families with epilepsies and seizure-related neurological disorders in the United States. The company is developing soticlestat, a novel cholesterol 24 hydroxylase inhibitor, which is in Phase 3 clinical trials for the potential treatment of patients with resistant epilepsies; OV329, a GABA aminotransferase inhibitor which is in Phase 1 clinical trials for the treatment of seizures associated with tuberous sclerosis complex and infantile spasms; and OV350, a small molecule direct activator of the KCC2 transporter, which is in Phase 1 clinical trials for treating epilepsies.