Oppenheimer Initiates Coverage on Ovid Therapeutics (NASDAQ:OVID)

Key Points

• Oppenheimer has initiated coverage on Ovid Therapeutics (NASDAQ:OVID) with an "outperform" rating and a price target of $7.00, suggesting a potential upside of 343.04% from the current stock price.
• Ovid's most recent earnings report showed a loss of ($0.06) EPS, surpassing analysts' expectations and revealing revenues of $6.27 million for the quarter.
• While Oppenheimer is bullish, Weiss Ratings has issued a "sell" rating, indicating mixed opinions among analysts, with a consensus rating of "Moderate Buy" and an average price target of $3.70.

Equities researchers at Oppenheimer started coverage on shares of Ovid Therapeutics (NASDAQ:OVID - Get Free Report) in a research note issued to investors on Thursday. The firm set an "outperform" rating and a $7.00 price target on the stock. Oppenheimer's target price indicates a potential upside of 343.04% from the stock's previous close.

Other research analysts have also issued reports about the company. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Ovid Therapeutics in a report on Wednesday. Wall Street Zen upgraded Ovid Therapeutics from a "sell" rating to a "hold" rating in a research report on Saturday, August 16th. Finally, B. Riley reiterated a "buy" rating and set a $3.00 price target on shares of Ovid Therapeutics in a report on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $3.70.

Ovid Therapeutics Stock Performance

OVID stock opened at $1.58 on Thursday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 4.72 and a current ratio of 4.72. The stock has a market capitalization of $112.35 million, a price-to-earnings ratio of -2.98 and a beta of 0.35. Ovid Therapeutics has a 1 year low of $0.24 and a 1 year high of $2.01. The stock's fifty day moving average is $1.13 and its two-hundred day moving average is $0.62.

Ovid Therapeutics (NASDAQ:OVID - Get Free Report) last posted its earnings results on Wednesday, August 13th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.16) by $0.10. Ovid Therapeutics had a negative return on equity of 58.87% and a negative net margin of 574.44%.The company had revenue of $6.27 million for the quarter, compared to analysts' expectations of $0.09 million. On average, research analysts predict that Ovid Therapeutics will post -0.4 EPS for the current year.

Institutional Trading of Ovid Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the company. Assenagon Asset Management S.A. increased its position in shares of Ovid Therapeutics by 699.9% during the first quarter. Assenagon Asset Management S.A. now owns 560,830 shares of the company's stock valued at $175,000 after purchasing an additional 490,716 shares during the period. Affinity Asset Advisors LLC bought a new stake in Ovid Therapeutics in the first quarter valued at $208,000. XTX Topco Ltd bought a new stake in Ovid Therapeutics in the first quarter valued at $29,000. Adage Capital Partners GP L.L.C. grew its position in Ovid Therapeutics by 15.0% in the first quarter. Adage Capital Partners GP L.L.C. now owns 1,150,000 shares of the company's stock valued at $359,000 after acquiring an additional 150,000 shares during the period. Finally, Nuveen LLC bought a new stake in Ovid Therapeutics in the first quarter valued at $37,000. 72.24% of the stock is currently owned by institutional investors.

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.

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