Ovid Therapeutics (NASDAQ:OVID) Price Target Raised to $4.00

Key Points

• HC Wainwright raised its price target on Ovid from $2.00 to $4.00 and maintained a "buy" rating, implying roughly a 53.9% upside from the prior close.
• The analyst consensus is Buy with an average target of $4.63, though individual views vary widely (e.g., Wedbush $7 while some firms rate it sell or hold).
• Shares traded around $2.60 (market cap ≈ $343M); Ovid beat last quarter's EPS ($0.06 vs. -$0.10) but remains unprofitable with negative margins and analysts forecast about -0.4 EPS for the year, and institutions own roughly 72% of the stock.

Ovid Therapeutics (NASDAQ:OVID - Get Free Report) had its target price lifted by equities researchers at HC Wainwright from $2.00 to $4.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. HC Wainwright's price objective would indicate a potential upside of 53.85% from the company's previous close.

A number of other research analysts have also weighed in on the stock. Wedbush lifted their price objective on shares of Ovid Therapeutics from $5.00 to $7.00 and gave the company an "outperform" rating in a research note on Friday, March 20th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Ovid Therapeutics in a research note on Thursday, January 22nd. Wall Street Zen upgraded shares of Ovid Therapeutics from a "sell" rating to a "hold" rating in a research note on Saturday, March 21st. Lifesci Capital began coverage on shares of Ovid Therapeutics in a research note on Monday, December 22nd. They issued an "outperform" rating and a $4.00 price objective for the company. Finally, Roth Mkm initiated coverage on shares of Ovid Therapeutics in a research note on Thursday, December 11th. They issued a "buy" rating and a $3.00 price objective for the company. Two equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Ovid Therapeutics has an average rating of "Buy" and an average target price of $4.63.

Ovid Therapeutics Stock Up 1.6%

Ovid Therapeutics stock opened at $2.60 on Thursday. Ovid Therapeutics has a 1-year low of $0.24 and a 1-year high of $2.72. The firm has a market capitalization of $342.89 million, a price-to-earnings ratio of -8.39 and a beta of -0.03. The company has a current ratio of 8.97, a quick ratio of 8.97 and a debt-to-equity ratio of 0.09. The firm has a 50 day simple moving average of $1.89 and a 200 day simple moving average of $1.67.

Ovid Therapeutics (NASDAQ:OVID - Get Free Report) last released its quarterly earnings data on Wednesday, March 18th. The company reported $0.06 earnings per share for the quarter, beating analysts' consensus estimates of ($0.10) by $0.16. Ovid Therapeutics had a negative net margin of 240.11% and a negative return on equity of 23.98%. The business had revenue of $0.72 million during the quarter, compared to analyst estimates of $0.06 million. On average, analysts predict that Ovid Therapeutics will post -0.4 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Invesco Ltd. bought a new position in Ovid Therapeutics in the 4th quarter valued at $54,000. ADAR1 Capital Management LLC boosted its holdings in Ovid Therapeutics by 33,256.7% in the 4th quarter. ADAR1 Capital Management LLC now owns 4,285,000 shares of the company's stock valued at $6,985,000 after purchasing an additional 4,272,154 shares during the period. Quadrature Capital Ltd boosted its holdings in Ovid Therapeutics by 217.2% in the 4th quarter. Quadrature Capital Ltd now owns 87,874 shares of the company's stock valued at $143,000 after purchasing an additional 60,171 shares during the period. Millennium Management LLC boosted its holdings in Ovid Therapeutics by 35.8% in the 4th quarter. Millennium Management LLC now owns 1,339,465 shares of the company's stock valued at $2,183,000 after purchasing an additional 353,172 shares during the period. Finally, Ally Bridge Group NY LLC bought a new stake in shares of Ovid Therapeutics during the 4th quarter worth $2,910,000. 72.24% of the stock is owned by institutional investors.

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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