Ovid Therapeutics (NASDAQ:OVID) Stock Rating Upgraded by Wall Street Zen

Key Points

• Ovid Therapeutics has been upgraded from a "sell" to a "hold" rating by Wall Street Zen, reflecting a positive shift in analyst sentiment.
• The company's stock has an average rating of "Buy" with a consensus target price of $3.10, despite currently trading around $0.97.
• Ovid recently reported earnings results that surpassed expectations, with a revenue of $6.27 million, significantly higher than the consensus estimate of $0.09 million.

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

A number of other equities research analysts also recently weighed in on OVID. HC Wainwright lowered their price target on Ovid Therapeutics from $2.00 to $1.50 and set a "buy" rating on the stock in a research report on Tuesday, May 27th. William Blair upgraded Ovid Therapeutics to a "strong-buy" rating in a report on Thursday, April 24th. Finally, B. Riley reiterated a "buy" rating and issued a $3.00 price objective on shares of Ovid Therapeutics in a report on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $3.10.

Ovid Therapeutics Price Performance

NASDAQ OVID traded up $0.01 during trading hours on Friday, reaching $0.95. 524,451 shares of the stock traded hands, compared to its average volume of 1,664,480. The stock has a 50 day simple moving average of $0.49 and a two-hundred day simple moving average of $0.43. Ovid Therapeutics has a 1 year low of $0.2425 and a 1 year high of $1.47. The company has a debt-to-equity ratio of 0.23, a current ratio of 4.72 and a quick ratio of 4.72. The company has a market cap of $67.55 million, a price-to-earnings ratio of -1.79 and a beta of 0.20.

Ovid Therapeutics (NASDAQ:OVID - Get Free Report) last released its quarterly earnings results on Wednesday, August 13th. The company reported ($0.06) earnings per share for the quarter, beating analysts' consensus estimates of ($0.16) by $0.10. Ovid Therapeutics had a negative return on equity of 58.87% and a negative net margin of 574.44%.The business had revenue of $6.27 million for the quarter, compared to the consensus estimate of $0.09 million. On average, analysts predict that Ovid Therapeutics will post -0.4 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of OVID. XTX Topco Ltd purchased a new position in Ovid Therapeutics during the 1st quarter valued at about $29,000. Nuveen LLC purchased a new position in Ovid Therapeutics during the 1st quarter valued at about $37,000. Jane Street Group LLC purchased a new position in Ovid Therapeutics during the 2nd quarter valued at about $47,000. Velan Capital Investment Management LP increased its holdings in Ovid Therapeutics by 64.9% during the 2nd quarter. Velan Capital Investment Management LP now owns 160,000 shares of the company's stock valued at $53,000 after purchasing an additional 63,000 shares during the period. Finally, Y Intercept Hong Kong Ltd purchased a new position in Ovid Therapeutics during the 2nd quarter valued at about $53,000. Hedge funds and other institutional investors own 72.24% of the company's stock.

Ovid Therapeutics Company Profile

Ovid Therapeutics Inc, a biopharmaceutical company, engages in the development of impactful medicines for patients and families with epilepsies and seizure-related neurological disorders in the United States. The company is developing soticlestat, a novel cholesterol 24 hydroxylase inhibitor, which is in Phase 3 clinical trials for the potential treatment of patients with resistant epilepsies; OV329, a GABA aminotransferase inhibitor which is in Phase 1 clinical trials for the treatment of seizures associated with tuberous sclerosis complex and infantile spasms; and OV350, a small molecule direct activator of the KCC2 transporter, which is in Phase 1 clinical trials for treating epilepsies.