Ovid Therapeutics (NASDAQ:OVID) Downgraded by Wall Street Zen to "Sell"

Key Points

• Wall Street Zen downgraded Ovid Therapeutics from “hold” to “sell,” adding to a mixed analyst picture around the stock.
• Despite the downgrade, the broader analyst consensus remains “Moderate Buy”, with a consensus price target of $5.12 versus the stock’s recent price of $2.33.
• Ovid Therapeutics, a clinical-stage biopharmaceutical company focused on rare neurological disorders, recently reported earnings of -$0.12 per share, matching expectations, while analysts still project a full-year loss.

Ovid Therapeutics (NASDAQ:OVID - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research report issued on Saturday.

A number of other brokerages also recently issued reports on OVID. Roth Capital reaffirmed a "buy" rating and set a $7.00 price target on shares of Ovid Therapeutics in a report on Thursday, May 14th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Ovid Therapeutics in a report on Friday, July 17th. HC Wainwright lifted their price target on shares of Ovid Therapeutics from $2.00 to $4.00 and gave the company a "buy" rating in a report on Thursday, April 9th. Wedbush reaffirmed an "outperform" rating and issued a $7.00 price objective on shares of Ovid Therapeutics in a research note on Wednesday, April 15th. Finally, B. Riley Financial reissued a "buy" rating on shares of Ovid Therapeutics in a research note on Tuesday. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $5.12.

Ovid Therapeutics Price Performance

Shares of Ovid Therapeutics stock opened at $2.33 on Friday. The business has a 50 day moving average of $2.46 and a 200 day moving average of $2.22. Ovid Therapeutics has a 52 week low of $0.47 and a 52 week high of $3.11. The company has a market cap of $434.87 million, a PE ratio of -8.03 and a beta of 0.18. The company has a quick ratio of 10.17, a current ratio of 10.17 and a debt-to-equity ratio of 0.06.

Ovid Therapeutics (NASDAQ:OVID - Get Free Report) last issued its quarterly earnings data on Tuesday, May 12th. The company reported ($0.12) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($0.12). Ovid Therapeutics had a negative net margin of 240.11% and a negative return on equity of 22.51%. As a group, equities research analysts forecast that Ovid Therapeutics will post -0.5 earnings per share for the current year.

Hedge Funds Weigh In On Ovid Therapeutics

Institutional investors have recently bought and sold shares of the business. Private Advisor Group LLC purchased a new position in shares of Ovid Therapeutics in the 3rd quarter worth $33,000. Jane Street Group LLC bought a new position in shares of Ovid Therapeutics in the 2nd quarter valued at about $47,000. Total Clarity Wealth Management Inc. bought a new position in shares of Ovid Therapeutics in the 4th quarter valued at about $47,000. State of Wyoming purchased a new position in Ovid Therapeutics in the first quarter worth about $49,000. Finally, LPL Financial LLC increased its stake in Ovid Therapeutics by 150.0% during the fourth quarter. LPL Financial LLC now owns 30,000 shares of the company's stock worth $49,000 after acquiring an additional 18,000 shares during the last quarter. Institutional investors 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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