Ovid Therapeutics (NASDAQ:OVID) Rating Increased to Hold at 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 analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a research note issued to investors on Saturday.

OVID has been the subject of a number of other research reports. B. Riley reissued a "buy" rating and issued a $3.00 target price on shares of Ovid Therapeutics in a report on Friday, August 8th. HC Wainwright reduced their target price on Ovid Therapeutics from $2.00 to $1.50 and set a "buy" rating for the company in a report on Tuesday, May 27th. Finally, William Blair raised Ovid Therapeutics to a "strong-buy" rating in a report on Thursday, April 24th. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Ovid Therapeutics has an average rating of "Buy" and a consensus target price of $3.10.

Ovid Therapeutics Stock Performance

NASDAQ:OVID opened at $0.97 on Friday. The firm's fifty day moving average price is $0.45 and its 200 day moving average price is $0.43. Ovid Therapeutics has a 1-year low of $0.24 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 4.93. The firm has a market cap of $68.98 million, a price-to-earnings ratio of -1.83 and a beta of 0.20.

Ovid Therapeutics (NASDAQ:OVID - Get Free Report) last released its earnings results on Wednesday, August 13th. The company reported ($0.06) EPS 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 company had revenue of $6.27 million during the quarter, compared to the consensus estimate of $0.09 million. On average, sell-side analysts expect that Ovid Therapeutics will post -0.4 EPS for the current year.

Institutional Trading of Ovid Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. XTX Topco Ltd purchased a new stake in Ovid Therapeutics during the 1st quarter worth about $29,000. Nuveen LLC purchased a new stake in shares of Ovid Therapeutics during the 1st quarter worth about $37,000. Jane Street Group LLC acquired a new position in Ovid Therapeutics during the 2nd quarter worth approximately $47,000. Velan Capital Investment Management LP lifted its position 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 worth $53,000 after acquiring an additional 63,000 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd acquired a new position in Ovid Therapeutics during the 2nd quarter worth approximately $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.

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