Analysts Set Ovid Therapeutics (NASDAQ:OVID) Target Price at $3.10

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 received an average recommendation of "Buy" from the six ratings firms that are presently covering the stock, MarketBeat.com reports. Five investment analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $3.10.

A number of brokerages have commented on OVID. Wall Street Zen raised Ovid Therapeutics from a "sell" rating to a "hold" rating in a research note on Saturday, August 16th. 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. Finally, HC Wainwright decreased their price objective on shares of Ovid Therapeutics from $2.00 to $1.50 and set a "buy" rating on the stock in a research report on Tuesday, May 27th.

Institutional Trading of Ovid Therapeutics

Several large investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE raised its holdings in Ovid Therapeutics by 49.7% in the 4th 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. Velan Capital Investment Management LP bought a new position in Ovid Therapeutics in the fourth quarter worth about $65,000. XTX Topco Ltd purchased a new stake in Ovid Therapeutics in the first quarter worth about $29,000. Nuveen LLC purchased a new stake in Ovid Therapeutics in the first quarter worth about $37,000. Finally, Jane Street Group LLC bought a new stake in Ovid Therapeutics during the 2nd quarter valued at approximately $47,000. Institutional investors own 72.24% of the company's stock.

Ovid Therapeutics Price Performance

Ovid Therapeutics stock remained flat at $1.25 during mid-day trading on Friday. 1,168,932 shares of the company's stock traded hands, compared to its average volume of 1,692,480. The business has a 50 day moving average of $0.78 and a 200 day moving average of $0.49. The company has a current ratio of 4.72, a quick ratio of 4.72 and a debt-to-equity ratio of 0.23. Ovid Therapeutics has a 1-year low of $0.24 and a 1-year high of $1.47. The stock has a market cap of $88.89 million, a PE ratio of -2.36 and a beta of 0.35.

Ovid Therapeutics (NASDAQ:OVID - Get Free Report) last released its quarterly earnings data on Wednesday, August 13th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate 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 firm had revenue of $6.27 million for the quarter, compared to the consensus estimate of $0.09 million. On average, equities research analysts expect that Ovid Therapeutics will post -0.4 earnings per share 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.