Ovid Therapeutics (NASDAQ:OVID) Given Consensus Recommendation of "Moderate Buy" by Analysts

Key Points

• Analyst consensus is “Moderate Buy”: Seven of nine analysts rate Ovid Therapeutics a buy, one rates it a strong buy, and one recommends selling. The average 12-month price target is $5.71, with Oppenheimer recently raising its target to $9.
• Institutional ownership is substantial: Hedge funds and other institutional investors own 72.24% of Ovid’s stock, with several firms recently establishing new positions.
• Shares and quarterly results improved: OVID opened at $2.80, up 2.2%, while the company reported a quarterly loss of $0.08 per share—better than the expected $0.12 loss—and revenue of $0.73 million versus a $0.02 million estimate.

Shares of Ovid Therapeutics (NASDAQ:OVID - Get Free Report) have been given an average rating of "Moderate Buy" by the nine brokerages that are currently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, seven have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $5.7143.

OVID has been the topic of several research reports. B. Riley Financial reaffirmed a "buy" rating on shares of Ovid Therapeutics in a report on Tuesday, July 21st. Oppenheimer increased their price target on shares of Ovid Therapeutics from $7.00 to $9.00 and gave the stock an "outperform" rating in a research report on Monday, August 3rd. Roth Capital reiterated a "buy" rating and set a $7.00 price objective 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. Finally, Wall Street Zen raised Ovid Therapeutics from a "sell" rating to a "hold" rating in a research note on Saturday, August 15th.

Hedge Funds Weigh In On Ovid Therapeutics

A number of hedge funds have recently added to or reduced their stakes in OVID. Private Advisor Group LLC acquired a new stake in Ovid Therapeutics in the third quarter valued at approximately $33,000. Legal & General Group Plc acquired a new position in shares of Ovid Therapeutics during the 2nd quarter worth $40,000. Total Clarity Wealth Management Inc. acquired a new position in shares of Ovid Therapeutics during the 4th quarter worth $47,000. Jane Street Group LLC bought a new position in shares of Ovid Therapeutics during the 2nd quarter valued at $47,000. Finally, State of Wyoming bought a new position in shares of Ovid Therapeutics during the 1st quarter valued at $49,000. Institutional investors and hedge funds own 72.24% of the company's stock.

Ovid Therapeutics Trading Up 2.2%

Shares of OVID stock opened at $2.80 on Friday. The stock has a 50-day simple moving average of $2.53 and a 200 day simple moving average of $2.35. Ovid Therapeutics has a fifty-two week low of $0.94 and a fifty-two week high of $3.11. The stock has a market capitalization of $546.84 million, a P/E ratio of -9.03 and a beta of 0.21. The company has a quick ratio of 12.39, a current ratio of 12.39 and a debt-to-equity ratio of 0.05.

Ovid Therapeutics (NASDAQ:OVID - Get Free Report) last released its earnings results on Thursday, August 13th. The company reported ($0.08) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.12) by $0.04. Ovid Therapeutics had a negative return on equity of 23.64% and a negative net margin of 240.11%.The firm had revenue of $0.73 million for the quarter, compared to analyst estimates of $0.02 million. On average, sell-side analysts expect that Ovid Therapeutics will post -0.4 earnings per share for the current fiscal year.

About Ovid Therapeutics

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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