Ovid Therapeutics (NASDAQ:OVID) Earns Outperform Rating from Analysts at Wedbush

Wedbush began coverage on shares of Ovid Therapeutics (NASDAQ:OVID - Get Free Report) in a report released on Friday, MarketBeat.com reports. The firm set an "outperform" rating and a $8.00 price target on the stock. Wedbush's target price indicates a potential upside of 146.15% from the company's previous close.

Separately, BTIG Research initiated coverage on shares of Ovid Therapeutics in a report on Thursday, December 21st. They set a "buy" rating and a $11.00 price target on the stock.

Ovid Therapeutics Stock Up 6.6 %

Shares of NASDAQ OVID traded up $0.20 on Friday, reaching $3.25. 186,042 shares of the company's stock traded hands, compared to its average volume of 206,542. The business's 50 day simple moving average is $3.37 and its two-hundred day simple moving average is $3.40. Ovid Therapeutics has a 12 month low of $2.45 and a 12 month high of $4.14. The company has a quick ratio of 9.55, a current ratio of 9.55 and a debt-to-equity ratio of 0.17. The company has a market cap of $229.81 million, a price-to-earnings ratio of -4.45 and a beta of 0.71.

Ovid Therapeutics (NASDAQ:OVID - Get Free Report) last posted its quarterly earnings results on Friday, March 8th. The company reported ($0.22) EPS for the quarter, missing analysts' consensus estimates of ($0.17) by ($0.05). Ovid Therapeutics had a negative net margin of 13,351.53% and a negative return on equity of 49.76%. The firm had revenue of $0.14 million for the quarter, compared to analysts' expectations of $0.10 million. As a group, equities research analysts forecast that Ovid Therapeutics will post -0.63 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Jeremy M. Levin bought 18,248 shares of the company's stock in a transaction that occurred on Monday, March 18th. The shares were bought at an average price of $2.76 per share, for a total transaction of $50,364.48. Following the completion of the acquisition, the chief executive officer now owns 3,616,715 shares of the company's stock, valued at approximately $9,982,133.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 12.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Ovid Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in OVID. BlackRock Inc. boosted its stake in shares of Ovid Therapeutics by 0.5% during the 1st quarter. BlackRock Inc. now owns 725,887 shares of the company's stock worth $1,873,000 after acquiring an additional 3,308 shares during the last quarter. Rhumbline Advisers boosted its stake in shares of Ovid Therapeutics by 5.1% during the 3rd quarter. Rhumbline Advisers now owns 82,791 shares of the company's stock worth $318,000 after acquiring an additional 4,023 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Ovid Therapeutics by 8.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 61,795 shares of the company's stock worth $199,000 after acquiring an additional 5,039 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Ovid Therapeutics by 4.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 170,036 shares of the company's stock worth $653,000 after acquiring an additional 7,389 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Ovid Therapeutics by 1.5% during the 4th quarter. Geode Capital Management LLC now owns 499,635 shares of the company's stock worth $929,000 after acquiring an additional 7,562 shares during the last quarter. Hedge funds and other institutional investors own 72.24% of the company's stock.

Ovid Therapeutics Company Profile

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.