Ovid Therapeutics (NASDAQ:OVID) Receives Consensus Recommendation of "Buy" from Analysts

Key Points

• Ovid Therapeutics has received an average rating of "Buy" from six research firms, with five analysts recommending a buy and one a strong buy, while the average 12-month price target stands at $3.10.
• In recent transactions, institutional investors have significantly increased their stakes in Ovid Therapeutics, owning 72.24% of the company, indicating growing confidence in its future prospects.
• The company reported a loss per share of ($0.06), exceeding consensus estimates, and achieved revenues of $6.27 million for the quarter despite a negative net margin of 574.44%.

Ovid Therapeutics (NASDAQ:OVID - Get Free Report) has been given a consensus recommendation of "Buy" by the six ratings firms that are presently covering the stock, MarketBeat reports. Five investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $3.10.

Several research firms have weighed in on OVID. Wall Street Zen raised shares of Ovid Therapeutics from a "sell" rating to a "hold" rating in a report on Saturday, August 16th. HC Wainwright lowered their price target on shares of Ovid Therapeutics from $2.00 to $1.50 and set a "buy" rating on the stock in a report on Tuesday, May 27th. Finally, B. Riley reissued a "buy" rating and issued a $3.00 price target on shares of Ovid Therapeutics in a report on Friday, August 8th.

Institutional Trading of Ovid Therapeutics

Several large investors have recently made changes to their positions in OVID. XTX Topco Ltd acquired a new position in Ovid Therapeutics in the first quarter valued at $29,000. Nuveen LLC bought a new stake in Ovid Therapeutics in the first quarter valued at $37,000. Jane Street Group LLC bought a new stake in Ovid Therapeutics in the second quarter valued at $47,000. Velan Capital Investment Management LP increased its stake in Ovid Therapeutics by 64.9% in the second 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 in the last quarter. Finally, Y Intercept Hong Kong Ltd bought a new stake in Ovid Therapeutics in the second quarter valued at $53,000. Institutional investors and hedge funds own 72.24% of the company's stock.

Ovid Therapeutics Stock Up 2.0%

Shares of Ovid Therapeutics stock traded up $0.03 during trading hours on Friday, reaching $1.27. 1,218,285 shares of the company's stock were exchanged, compared to its average volume of 1,024,410. The company has a current ratio of 4.72, a quick ratio of 4.72 and a debt-to-equity ratio of 0.23. The company has a 50 day moving average of $0.74 and a two-hundred day moving average of $0.49. The stock has a market cap of $89.95 million, a P/E ratio of -2.41 and a beta of 0.35. Ovid Therapeutics has a fifty-two week low of $0.24 and a fifty-two week high of $1.47.

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

About Ovid Therapeutics

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.