B. Riley Begins Coverage on Ovid Therapeutics (NASDAQ:OVID)

Equities researchers at B. Riley initiated coverage on shares of Ovid Therapeutics (NASDAQ:OVID - Get Free Report) in a research report issued on Tuesday, MarketBeat reports. The firm set a "buy" rating and a $9.00 price target on the stock. B. Riley's target price suggests a potential upside of 195.08% from the company's current price.

A number of other research analysts have also commented on the stock. Wedbush assumed coverage on shares of Ovid Therapeutics in a research note on Friday, April 5th. They issued an "outperform" rating and a $8.00 price target on the stock. HC Wainwright initiated coverage on Ovid Therapeutics in a report on Monday. They set a "buy" rating and a $9.00 price objective for the company. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $9.00.

Ovid Therapeutics Stock Performance

Shares of NASDAQ OVID traded down $0.29 during midday trading on Tuesday, hitting $3.05. 240,074 shares of the company's stock were exchanged, compared to its average volume of 194,744. 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 firm has a market capitalization of $215.97 million, a PE ratio of -4.07 and a beta of 0.71. Ovid Therapeutics has a 12 month low of $2.57 and a 12 month high of $4.14. The company's 50 day moving average price is $3.16 and its 200 day moving average price is $3.33.

Ovid Therapeutics (NASDAQ:OVID - Get Free Report) last released its quarterly earnings data 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 return on equity of 49.76% and a negative net margin of 13,351.53%. The company had revenue of $0.14 million for the quarter, compared to the consensus estimate of $0.10 million. As a group, analysts predict that Ovid Therapeutics will post -0.65 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Ovid Therapeutics news, CEO Jeremy M. Levin acquired 18,248 shares of the business's stock in a transaction on Monday, March 18th. The stock was purchased at an average price of $2.76 per share, with a total value of $50,364.48. Following the acquisition, the chief executive officer now directly owns 3,616,715 shares of the company's stock, valued at approximately $9,982,133.40. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 12.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Ovid Therapeutics

Hedge funds have recently added to or reduced their stakes in the stock. Jump Financial LLC bought a new position in Ovid Therapeutics in the 3rd quarter valued at about $61,000. China Universal Asset Management Co. Ltd. bought a new position in Ovid Therapeutics in the fourth quarter valued at approximately $26,000. SG Americas Securities LLC increased its stake 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 acquiring an additional 13,728 shares during the last quarter. Assenagon Asset Management S.A. acquired a new position in Ovid Therapeutics during the fourth quarter valued at approximately $253,000. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its stake 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 purchasing an additional 11,926 shares during the last quarter. Institutional investors own 72.24% 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.