Ovid Therapeutics (NASDAQ:OVID) Raised to Hold at Wall Street Zen

Key Points

• Wall Street Zen upgraded Ovid Therapeutics from “sell” to “hold,” while broader analyst sentiment remains “Moderate Buy” with a consensus price target of $5.71.
• Ovid reported a quarterly loss of $0.08 per share, beating expectations for a $0.12 loss, and revenue of $0.73 million versus the $0.02 million consensus estimate.
• Shares opened at $2.83, up 1.1%, with a market capitalization of approximately $528 million; institutional investors and hedge funds own 72.24% of the stock.

Ovid Therapeutics (NASDAQ:OVID - Get Free Report) was upgraded by equities research analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a research note issued to investors on Saturday.

A number of other analysts have also issued reports on the company. B. Riley Financial reiterated a "buy" rating on shares of Ovid Therapeutics in a report on Tuesday, July 21st. Weiss Ratings restated a "sell (d-)" rating on shares of Ovid Therapeutics in a report on Friday, July 17th. Roth Capital reaffirmed a "buy" rating and set a $7.00 target price on shares of Ovid Therapeutics in a research report on Thursday, May 14th. Finally, Oppenheimer upped their target price on Ovid Therapeutics from $7.00 to $9.00 and gave the stock an "outperform" rating in a report on Monday, August 3rd. One equities research 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 company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $5.71.

Ovid Therapeutics Trading Up 1.1%

Shares of OVID opened at $2.83 on Friday. The firm has a market capitalization of $528.19 million, a price-to-earnings ratio of -9.13 and a beta of 0.21. 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 has a 1-year low of $0.81 and a 1-year high of $3.11. The company has a 50-day moving average of $2.48 and a 200 day moving average of $2.31.

Ovid Therapeutics (NASDAQ:OVID - Get Free Report) last issued its earnings results on Thursday, August 13th. The company reported ($0.08) EPS for the quarter, topping analysts' consensus estimates of ($0.12) by $0.04. The business had revenue of $0.73 million for the quarter, compared to the consensus estimate of $0.02 million. Ovid Therapeutics had a negative net margin of 240.11% and a negative return on equity of 27.69%. On average, research analysts expect that Ovid Therapeutics will post -0.5 EPS for the current year.

Institutional Investors Weigh In On Ovid Therapeutics

Institutional investors have recently bought and sold shares of the company. Bank of America Corp DE increased its position in shares of Ovid Therapeutics by 49.7% during the fourth quarter. Bank of America Corp DE now owns 56,733 shares of the company's stock worth $53,000 after purchasing an additional 18,841 shares in the last quarter. Acadian Asset Management LLC boosted its position in shares of Ovid Therapeutics by 12.8% in the 1st quarter. Acadian Asset Management LLC now owns 2,088,046 shares of the company's stock worth $650,000 after purchasing an additional 237,445 shares in the last quarter. Marshall Wace LLP acquired a new stake in shares of Ovid Therapeutics in the 2nd quarter worth $54,000. Jane Street Group LLC purchased a new position in Ovid Therapeutics during the 2nd quarter worth $47,000. Finally, Rosalind Advisors Inc. purchased a new position in Ovid Therapeutics during the 2nd quarter worth $165,000. 72.24% of the stock is currently owned by institutional investors and hedge funds.

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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