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

Key Points

• Analyst consensus: Nine firms average a "Buy" rating on Ovid (1 sell, 6 buy, 2 strong buy) with a 12‑month target of $4.4286, and recent upgrades include Wedbush lifting its target to $7 and an "outperform" rating.
• Mixed financials: Ovid beat quarterly expectations with $0.06 EPS (vs. -$0.10 est.) and $0.72M revenue (vs. $0.06M est.) but remains unprofitable with a negative net margin of 240.11% and projected -0.4 EPS for the year.
• Institutional buying: Several funds added large positions (RA Capital ~$17.5M, Affinity, Eventide, ADAR1 among others), driving institutional ownership to about 72.24%.

Shares of Ovid Therapeutics (NASDAQ:OVID - Get Free Report) have received an average rating of "Buy" from the nine research firms that are currently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, six have assigned a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12 month target price among analysts that have covered the stock in the last year is $4.4286.

A number of research analysts have recently issued reports on the stock. Wedbush lifted their target price on shares of Ovid Therapeutics from $5.00 to $7.00 and gave the company an "outperform" rating in a research note on Friday, March 20th. Lifesci Capital assumed coverage on Ovid Therapeutics in a research report on Monday, December 22nd. They set an "outperform" rating and a $4.00 price target on the stock. Wall Street Zen raised Ovid Therapeutics from a "sell" rating to a "hold" rating in a report on Saturday, March 21st. HC Wainwright reiterated a "buy" rating and issued a $2.00 price objective on shares of Ovid Therapeutics in a research report on Monday, December 22nd. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Ovid Therapeutics in a research note on Thursday, January 22nd.

Ovid Therapeutics Stock Down 0.8%

OVID opened at $2.40 on Thursday. The firm has a market cap of $170.90 million, a price-to-earnings ratio of -7.74 and a beta of 0.25. The company has a debt-to-equity ratio of 0.09, a quick ratio of 8.97 and a current ratio of 8.97. The firm's 50-day simple moving average is $1.75 and its 200-day simple moving average is $1.60. Ovid Therapeutics has a twelve month low of $0.24 and a twelve month high of $2.72.

Ovid Therapeutics (NASDAQ:OVID - Get Free Report) last released its quarterly earnings results on Wednesday, March 18th. The company reported $0.06 EPS for the quarter, beating analysts' consensus estimates of ($0.10) by $0.16. The firm had revenue of $0.72 million for the quarter, compared to analyst estimates of $0.06 million. Ovid Therapeutics had a negative net margin of 240.11% and a negative return on equity of 23.98%. Equities research analysts anticipate that Ovid Therapeutics will post -0.4 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. RA Capital Management L.P. acquired a new stake in Ovid Therapeutics in the 4th quarter valued at about $17,464,000. Affinity Asset Advisors LLC raised its stake in shares of Ovid Therapeutics by 169.8% in the fourth quarter. Affinity Asset Advisors LLC now owns 7,150,000 shares of the company's stock worth $11,654,000 after acquiring an additional 4,500,000 shares during the last quarter. Eventide Asset Management LLC acquired a new position in shares of Ovid Therapeutics during the fourth quarter worth approximately $6,985,000. ADAR1 Capital Management LLC lifted its position in shares of Ovid Therapeutics by 33,256.7% during the fourth quarter. ADAR1 Capital Management LLC now owns 4,285,000 shares of the company's stock worth $6,985,000 after purchasing an additional 4,272,154 shares in the last quarter. Finally, Federated Hermes Inc. bought a new stake in shares of Ovid Therapeutics during the fourth quarter valued at approximately $5,307,000. Institutional investors and hedge funds own 72.24% of the company's stock.

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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