Citigroup Trims Ovid Therapeutics (NASDAQ:OVID) Target Price to $3.50

Ovid Therapeutics (NASDAQ:OVID - Get Free Report) had its price objective dropped by equities research analysts at Citigroup from $4.00 to $3.50 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage presently has a "neutral" rating on the stock. Citigroup's price target indicates a potential upside of 16.67% from the stock's current price.

OVID has been the topic of several other reports. Wedbush initiated coverage on Ovid Therapeutics in a research report on Friday, April 5th. They set an "outperform" rating and a $8.00 price target on the stock. B. Riley initiated coverage on Ovid Therapeutics in a research report on Tuesday, April 30th. They set a "buy" rating and a $9.00 price target on the stock. Finally, HC Wainwright initiated coverage on Ovid Therapeutics in a research report on Monday, April 29th. They set a "buy" rating and a $9.00 price target on the stock. One 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, Ovid Therapeutics presently has a consensus rating of "Moderate Buy" and a consensus target price of $8.08.

Ovid Therapeutics Stock Performance

Ovid Therapeutics stock traded down $0.02 during mid-day trading on Tuesday, hitting $3.00. 98,708 shares of the company's stock traded hands, compared to its average volume of 190,114. The firm has a 50 day moving average price of $3.11 and a 200 day moving average price of $3.31. 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 $212.43 million, a PE ratio of -4.01 and a beta of 0.69. Ovid Therapeutics has a one year low of $2.57 and a one year high of $4.14.

Ovid Therapeutics (NASDAQ:OVID - Get Free Report) last announced its earnings results on Friday, March 8th. The company reported ($0.22) earnings per share for the quarter, missing the consensus estimate of ($0.17) by ($0.05). The business had revenue of $0.14 million for the quarter, compared to the consensus estimate of $0.10 million. Ovid Therapeutics had a negative net margin of 13,351.53% and a negative return on equity of 49.76%. On average, equities analysts forecast that Ovid Therapeutics will post -0.73 EPS for the current year.

Insider Buying and Selling

In other news, CEO Jeremy M. Levin purchased 18,248 shares of the stock in a transaction that occurred on Monday, March 18th. The shares were purchased 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 directly 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 SEC, which can be accessed through this link. 13.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Ovid Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. China Universal Asset Management Co. Ltd. bought a new position in Ovid Therapeutics during the fourth quarter valued at about $26,000. Jump Financial LLC bought a new position in Ovid Therapeutics during the third quarter valued at about $61,000. SG Americas Securities LLC bought a new position in Ovid Therapeutics during the third quarter valued at about $100,000. BNP Paribas Financial Markets increased its stake in Ovid Therapeutics by 74.7% during the first quarter. BNP Paribas Financial Markets now owns 32,162 shares of the company's stock valued at $98,000 after acquiring an additional 13,756 shares during the period. Finally, Assenagon Asset Management S.A. bought a new stake in shares of Ovid Therapeutics in the 4th quarter valued at approximately $253,000. 72.24% of the stock is currently owned by institutional investors.

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.