Ovid Therapeutics (NASDAQ:OVID) Given New $9.00 Price Target at Oppenheimer

Key Points

• Oppenheimer raised Ovid Therapeutics’ price target to $9.00 from $7.00 and maintained an “outperform” rating, implying roughly 287% upside from the prior close.
• Analyst sentiment is generally positive, with a “Moderate Buy” consensus and an average price target of $5.38, although two firms rate the stock “Sell.”
• Ovid shares traded at $2.33, while institutional investors and hedge funds owned 72.24% of the company; the clinical-stage biotech is developing therapies for rare neurological disorders, including Angelman and Fragile X syndromes.

Ovid Therapeutics (NASDAQ:OVID - Get Free Report) had its price target upped by investment analysts at Oppenheimer from $7.00 to $9.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Oppenheimer's price objective points to a potential upside of 287.10% from the company's previous close.

Other equities analysts have also issued research reports about the company. Wedbush reaffirmed an "outperform" rating and issued a $7.00 price target on shares of Ovid Therapeutics in a report on Wednesday, April 15th. Roth Capital reaffirmed a "buy" rating and set a $7.00 target price on shares of Ovid Therapeutics in a research note on Thursday, May 14th. 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 research note on Thursday, April 9th. Weiss Ratings reissued a "sell (d-)" rating on shares of Ovid Therapeutics in a report on Friday, July 17th. Finally, Wall Street Zen cut shares of Ovid Therapeutics from a "hold" rating to a "sell" rating in a research report on Saturday, July 25th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Ovid Therapeutics presently has an average rating of "Moderate Buy" and an average price target of $5.38.

Ovid Therapeutics Stock Performance

Shares of OVID traded up $0.10 during trading hours on Monday, hitting $2.33. The stock had a trading volume of 322,959 shares, compared to its average volume of 2,535,014. The firm has a 50-day moving average price of $2.45 and a 200 day moving average price of $2.24. Ovid Therapeutics has a fifty-two week low of $0.47 and a fifty-two week high of $3.11. The firm has a market capitalization of $433.94 million, a price-to-earnings ratio of -7.98 and a beta of 0.21. The company has a debt-to-equity ratio of 0.06, a quick ratio of 10.17 and a current 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) EPS for the quarter, meeting 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 anticipate that Ovid Therapeutics will post -0.5 EPS for the current year.

Institutional Investors Weigh In On Ovid Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in OVID. Ally Bridge Group NY LLC raised its position in shares of Ovid Therapeutics by 57.9% in the first quarter. Ally Bridge Group NY LLC now owns 2,818,459 shares of the company's stock valued at $6,257,000 after buying an additional 1,033,459 shares during the last quarter. Affinity Asset Advisors LLC grew its stake in Ovid Therapeutics by 48.8% during the 1st quarter. Affinity Asset Advisors LLC now owns 10,636,318 shares of the company's stock valued at $23,613,000 after acquiring an additional 3,486,318 shares in the last quarter. ADAR1 Capital Management LLC grew its stake in Ovid Therapeutics by 6.0% during the 1st quarter. ADAR1 Capital Management LLC now owns 4,544,113 shares of the company's stock valued at $10,088,000 after acquiring an additional 259,113 shares in the last quarter. Eventide Asset Management LLC acquired a new stake in Ovid Therapeutics in the 4th quarter valued at about $6,985,000. Finally, Simplify Asset Management Inc. acquired a new stake in Ovid Therapeutics in the 1st quarter valued at about $290,000. 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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