Ovid Therapeutics (NASDAQ:OVID) Announces Earnings Results, Beats Estimates By $0.02 EPS

Key Points

• Ovid Therapeutics beat earnings expectations: The company reported a quarterly loss of $0.08 per share, $0.02 better than analysts’ estimate, while revenue of $0.73 million exceeded the $0.02 million consensus.
• Shares rose 5.2% to $2.75 following the results. Ovid’s stock has traded between $0.76 and $3.11 over the past year, with a market capitalization of approximately $514 million.
• Analyst sentiment remains mostly positive: The stock has a “Moderate Buy” consensus rating and an average price target of $5.71, although one analyst maintains a sell rating. Institutional investors own 72.24% of the company.

Ovid Therapeutics (NASDAQ:OVID - Get Free Report) issued its quarterly earnings results on Thursday. The company reported ($0.08) earnings per share for the quarter, beating analysts' consensus estimates of ($0.10) by $0.02, FiscalAI reports. Ovid Therapeutics had a negative net margin of 240.11% and a negative return on equity of 22.51%. The firm had revenue of $0.73 million during the quarter, compared to the consensus estimate of $0.02 million.

Ovid Therapeutics Trading Up 5.2%

Shares of OVID traded up $0.14 on Thursday, reaching $2.75. 1,509,684 shares of the company's stock were exchanged, compared to its average volume of 2,481,947. The business has a 50 day moving average price of $2.46 and a two-hundred day moving average price of $2.30. Ovid Therapeutics has a 12 month low of $0.76 and a 12 month high of $3.11. The stock has a market capitalization of $514.19 million, a P/E ratio of -9.50 and a beta of 0.21. The company has a current ratio of 10.17, a quick ratio of 10.17 and a debt-to-equity ratio of 0.06.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on OVID shares. Wedbush reiterated an "outperform" rating and issued a $7.00 target price on shares of Ovid Therapeutics in a research note on Wednesday, April 15th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Ovid Therapeutics in a research report on Friday, July 17th. Oppenheimer lifted their price objective on Ovid Therapeutics from $7.00 to $9.00 and gave the stock an "outperform" rating in a report on Monday, August 3rd. B. Riley Financial restated a "buy" rating on shares of Ovid Therapeutics in a research note on Tuesday, July 21st. Finally, Roth Capital reiterated a "buy" rating and set a $7.00 price target on shares of Ovid Therapeutics in a research note on Thursday, May 14th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $5.71.

Institutional Trading of Ovid Therapeutics

Institutional investors have recently bought and sold shares of the business. Private Advisor Group LLC bought a new stake in Ovid Therapeutics in the third quarter valued at about $33,000. Jane Street Group LLC bought a new stake in shares of Ovid Therapeutics in the 2nd quarter valued at about $47,000. LPL Financial LLC raised its position in shares of Ovid Therapeutics by 150.0% in the 4th quarter. LPL Financial LLC now owns 30,000 shares of the company's stock valued at $49,000 after acquiring an additional 18,000 shares during the period. Bank of America Corp DE raised its position in shares of Ovid Therapeutics by 49.7% in the 4th quarter. Bank of America Corp DE now owns 56,733 shares of the company's stock valued at $53,000 after acquiring an additional 18,841 shares during the period. Finally, Marshall Wace LLP bought a new position in Ovid Therapeutics during the 2nd quarter worth approximately $54,000. Institutional investors and hedge funds own 72.24% of the company's stock.

Ovid Therapeutics Company Profile

Ovid Therapeutics is a clinical-stage biopharmaceutical company focused on the development of therapies for rare neurological disorders. Founded in 2014 and headquartered in New York, the company applies a precision medicine approach to target underlying mechanisms of disease in patients with genetic conditions affecting the central nervous system. Its research platform centers on small-molecule modulators of neurotransmitter pathways to restore neural network function in disorders with high unmet medical need.

The company's lead development candidate, OV101 (gaboxadol), is a selective extrasynaptic GABAA receptor agonist being investigated for the treatment of Angelman syndrome and Fragile X syndrome.

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