Ovid Therapeutics (NASDAQ:OVID) Given Consensus Rating of "Moderate Buy" by Brokerages

Key Points

• Analyst sentiment is moderately positive: Nine brokerages give Ovid Therapeutics a consensus “Moderate Buy” rating, with seven buys, one strong buy and one sell. The average 12-month price target is $5.125, compared with the stock’s reported $2.36 opening price.
• Ovid remains an unprofitable clinical-stage biotech: The company reported a quarterly loss of $0.12 per share, matching expectations, and analysts forecast a full-year loss of $0.50 per share. Its lead candidate, OV101 (gaboxadol), is being developed for Angelman and Fragile X syndromes.
• Institutional ownership is substantial: Institutional investors hold 72.24% of Ovid’s shares, with several firms recently initiating or increasing positions.

Shares of Ovid Therapeutics (NASDAQ:OVID - Get Free Report) have earned an average recommendation of "Moderate Buy" from the nine brokerages that are covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, seven have given a buy rating and one has given a strong buy rating to the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $5.1250.

Several research firms have recently weighed in on OVID. B. Riley Financial reiterated a "buy" rating on shares of Ovid Therapeutics in a research report on Tuesday, July 21st. Roth Capital restated a "buy" rating and issued a $7.00 target price 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 research report on Friday, July 17th. Wedbush reaffirmed an "outperform" rating and set a $7.00 price target on shares of Ovid Therapeutics in a research report on Wednesday, April 15th. Finally, Wall Street Zen downgraded Ovid Therapeutics from a "hold" rating to a "sell" rating in a report on Saturday.

Ovid Therapeutics Stock Performance

Shares of OVID stock opened at $2.36 on Wednesday. The business's 50 day simple moving average is $2.46 and its 200 day simple moving average is $2.23. Ovid Therapeutics has a one year low of $0.47 and a one year high of $3.11. The stock has a market capitalization of $440.47 million, a PE ratio of -8.14 and a beta of 0.18. The company has a debt-to-equity ratio of 0.06, a current ratio of 10.17 and a quick ratio of 10.17.

Ovid Therapeutics (NASDAQ:OVID - Get Free Report) last released its quarterly earnings results on Tuesday, May 12th. The company reported ($0.12) earnings per share (EPS) for the quarter, hitting the consensus estimate 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, research analysts forecast that Ovid Therapeutics will post -0.5 earnings per share for the current year.

Institutional Investors Weigh In On Ovid Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in the business. State of Wyoming bought a new stake in Ovid Therapeutics in the first quarter worth approximately $49,000. Private Advisor Group LLC acquired a new position in Ovid Therapeutics in the third quarter valued at approximately $33,000. Total Clarity Wealth Management Inc. bought a new position in shares of Ovid Therapeutics during the 4th quarter worth approximately $47,000. Sovereign Financial Group Inc. boosted its holdings in shares of Ovid Therapeutics by 200.0% during the 1st quarter. Sovereign Financial Group Inc. now owns 30,000 shares of the company's stock worth $67,000 after buying an additional 20,000 shares in the last quarter. Finally, LPL Financial LLC grew its position in shares of Ovid Therapeutics by 150.0% during the 4th quarter. LPL Financial LLC now owns 30,000 shares of the company's stock worth $49,000 after buying an additional 18,000 shares during the period. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.