Ovid Therapeutics (NASDAQ:OVID) Posts Earnings Results, Beats Expectations By $0.10 EPS

Key Points

• Ovid Therapeutics reported a quarterly earnings per share (EPS) of ($0.06), exceeding analysts' expectations of ($0.16) by $0.10.
• The company's revenue for the quarter stood at $6.27 million, significantly higher than analyst estimates of $0.09 million.
• Institutional investors own 72.24% of Ovid Therapeutics' stock, indicating strong support among large stakeholders.

Ovid Therapeutics (NASDAQ:OVID - Get Free Report) announced its earnings results on Wednesday, August 13th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.16) by $0.10, Zacks reports. 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 for the quarter, compared to analyst estimates of $0.09 million.

Ovid Therapeutics Price Performance

OVID stock traded up $0.01 during mid-day trading on Wednesday, reaching $0.95. 524,451 shares of the company's stock were exchanged, compared to its average volume of 1,664,480. The company has a debt-to-equity ratio of 0.23, a current ratio of 4.72 and a quick ratio of 4.72. Ovid Therapeutics has a 12-month low of $0.2425 and a 12-month high of $1.47. The stock's 50 day moving average is $0.49 and its 200 day moving average is $0.43. The company has a market cap of $67.55 million, a price-to-earnings ratio of -1.79 and a beta of 0.20.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Rosalind Advisors Inc. purchased a new position in Ovid Therapeutics during the second quarter valued at $165,000. Acadian Asset Management LLC increased its stake in shares of Ovid Therapeutics by 12.8% during the first quarter. Acadian Asset Management LLC now owns 2,088,046 shares of the company's stock worth $650,000 after purchasing an additional 237,445 shares in the last quarter. Marshall Wace LLP acquired a new position in shares of Ovid Therapeutics during the 2nd quarter worth about $54,000. Jane Street Group LLC acquired a new position in shares of Ovid Therapeutics during the 2nd quarter worth about $47,000. Finally, Bank of America Corp DE lifted its stake 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 valued at $53,000 after buying an additional 18,841 shares in the last quarter. Hedge funds and other institutional investors own 72.24% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. William Blair upgraded Ovid Therapeutics to a "strong-buy" rating in a research note on Thursday, April 24th. B. Riley reissued a "buy" rating and set a $3.00 target price on shares of Ovid Therapeutics in a research report on Friday, August 8th. Wall Street Zen upgraded shares of Ovid Therapeutics from a "sell" rating to a "hold" rating in a research note on Saturday. Finally, HC Wainwright decreased their price target on shares of Ovid Therapeutics from $2.00 to $1.50 and set a "buy" rating for the company in a report on Tuesday, May 27th. One analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the company. According to data from MarketBeat, the company has an average rating of "Buy" and an average price target of $3.10.

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.