HC Wainwright Reaffirms "Buy" Rating for Ovid Therapeutics (NASDAQ:OVID)

HC Wainwright reissued their buy rating on shares of Ovid Therapeutics (NASDAQ:OVID - Free Report) in a research note issued to investors on Thursday morning, Benzinga reports. They currently have a $9.00 target price on the stock.

Several other equities research analysts also recently commented on the company. B. Riley started coverage on Ovid Therapeutics in a report on Tuesday, April 30th. They issued a buy rating and a $9.00 price objective for the company. Citigroup decreased their price objective on shares of Ovid Therapeutics from $4.00 to $3.50 and set a neutral rating for the company in a report on Tuesday, May 7th. Finally, Wedbush started coverage on shares of Ovid Therapeutics in a report on Friday, April 5th. They issued an outperform rating and a $8.00 target price on the stock. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of Moderate Buy and an average price target of $8.08.

Ovid Therapeutics Stock Down 1.4 %

Shares of OVID stock traded down $0.04 during trading hours on Thursday, hitting $3.28. 105,233 shares of the company's stock traded hands, compared to its average volume of 183,529. 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 stock's fifty day simple moving average is $3.07 and its two-hundred day simple moving average is $3.30. Ovid Therapeutics has a 12-month low of $2.57 and a 12-month high of $4.14. The stock has a market cap of $231.90 million, a price-to-earnings ratio of -4.43 and a beta of 0.69.

Ovid Therapeutics (NASDAQ:OVID - Get Free Report) last released its earnings results on Friday, March 8th. The company reported ($0.22) EPS for the quarter, missing the consensus estimate 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 during the quarter, compared to the consensus estimate of $0.10 million. On average, analysts expect that Ovid Therapeutics will post -0.73 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Jeremy M. Levin purchased 18,248 shares of the business's stock in a transaction on Monday, March 18th. The stock was acquired at an average price of $2.76 per share, with a total value 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 document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 13.30% of the company's stock.

Institutional Trading of Ovid Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the company. FFT Wealth Management LLC bought a new stake in Ovid Therapeutics during the fourth quarter valued at about $1,274,000. Vestal Point Capital LP bought a new stake in shares of Ovid Therapeutics during the fourth quarter valued at approximately $275,000. Assenagon Asset Management S.A. bought a new stake in shares of Ovid Therapeutics during the fourth quarter valued at approximately $253,000. SG Americas Securities LLC purchased a new position in shares of Ovid Therapeutics in the third quarter worth $100,000. Finally, Jump Financial LLC purchased a new position in Ovid Therapeutics during the third quarter valued at $61,000. 72.24% of the stock is owned by hedge funds and other 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.