Ovid Therapeutics (NASDAQ:OVID) Given Average Recommendation of "Buy" by Brokerages

Key Points

• Ovid Therapeutics has received an average rating of "Buy" from six brokerages, with five analysts recommending a buy and one issuing a strong buy rating.
• The company reported an EPS of ($0.06), surpassing analyst estimates of ($0.16), and had revenue of $6.27 million for the quarter.
• Institutional investors own 72.24% of Ovid Therapeutics' stock, indicating significant interest from larger investment firms.

Shares of Ovid Therapeutics (NASDAQ:OVID - Get Free Report) have earned an average rating of "Buy" from the six brokerages that are presently covering the stock, MarketBeat Ratings reports. Five investment analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $3.10.

Several brokerages have commented on OVID. Wall Street Zen upgraded shares of Ovid Therapeutics from a "sell" rating to a "hold" rating in a research report on Saturday, August 16th. B. Riley restated a "buy" rating and set a $3.00 target price on shares of Ovid Therapeutics in a research report on Friday, August 8th.

Ovid Therapeutics Price Performance

Shares of NASDAQ OVID opened at $1.37 on Thursday. The company has a debt-to-equity ratio of 0.23, a current ratio of 4.72 and a quick ratio of 4.72. The stock has a fifty day moving average price of $1.02 and a 200 day moving average price of $0.57. Ovid Therapeutics has a 1-year low of $0.24 and a 1-year high of $1.82. The company has a market cap of $97.42 million, a PE ratio of -2.58 and a beta of 0.35.

Ovid Therapeutics (NASDAQ:OVID - Get Free Report) last issued its earnings results on Wednesday, August 13th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.16) by $0.10. The company had revenue of $6.27 million for the quarter, compared to analyst estimates of $0.09 million. Ovid Therapeutics had a negative net margin of 574.44% and a negative return on equity of 58.87%. Sell-side analysts forecast that Ovid Therapeutics will post -0.4 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in OVID. Affinity Asset Advisors LLC acquired a new position in shares of Ovid Therapeutics during the 1st quarter worth $208,000. Rosalind Advisors Inc. acquired a new position in shares of Ovid Therapeutics during the 2nd quarter worth $165,000. Assenagon Asset Management S.A. raised its stake in shares of Ovid Therapeutics by 699.9% during the 1st quarter. Assenagon Asset Management S.A. now owns 560,830 shares of the company's stock worth $175,000 after buying an additional 490,716 shares during the last quarter. Acadian Asset Management LLC raised its stake in shares of Ovid Therapeutics by 12.8% during the 1st quarter. Acadian Asset Management LLC now owns 2,088,046 shares of the company's stock worth $650,000 after buying an additional 237,445 shares during the last quarter. Finally, Marshall Wace LLP acquired a new position in shares of Ovid Therapeutics during the 2nd quarter worth $54,000. Institutional investors and hedge funds own 72.24% of the company's stock.

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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