Ovid Therapeutics (NASDAQ:OVID) Releases Quarterly 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. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.16) by $0.10, Zacks reports. The company had revenue of $6.27 million for the quarter, compared to analyst estimates of $0.09 million. Ovid Therapeutics had a negative return on equity of 56.24% and a negative net margin of 574.44%.

Ovid Therapeutics Price Performance

Shares of NASDAQ OVID traded up $0.13 during mid-day trading on Friday, reaching $0.97. 4,533,150 shares of the company were exchanged, compared to its average volume of 968,203. Ovid Therapeutics has a 52 week low of $0.24 and a 52 week high of $1.47. The company has a quick ratio of 4.93, a current ratio of 4.93 and a debt-to-equity ratio of 0.22. The stock has a market capitalization of $68.98 million, a PE ratio of -1.83 and a beta of 0.20. The company's 50 day moving average price is $0.45 and its 200 day moving average price is $0.43.

Institutional Trading of Ovid Therapeutics

Several hedge funds have recently added to or reduced their stakes in the business. Rosalind Advisors Inc. bought a new position in Ovid Therapeutics in the second quarter worth about $165,000. Jane Street Group LLC bought a new position in Ovid Therapeutics in the second quarter worth approximately $47,000. Marshall Wace LLP bought a new position in Ovid Therapeutics in the second quarter worth approximately $54,000. Acadian Asset Management LLC lifted its stake in shares of Ovid Therapeutics by 12.8% during the 1st quarter. Acadian Asset Management LLC now owns 2,088,046 shares of the company's stock valued at $650,000 after buying an additional 237,445 shares in the last quarter. Finally, Bank of America Corp DE lifted its stake in shares of Ovid Therapeutics by 49.7% during 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. 72.24% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. William Blair raised Ovid Therapeutics to a "strong-buy" rating in a research report on Thursday, April 24th. HC Wainwright reduced their price objective on Ovid Therapeutics from $2.00 to $1.50 and set a "buy" rating for the company in a research report on Tuesday, May 27th. B. Riley restated a "buy" rating and set a $3.00 target price on shares of Ovid Therapeutics in a research report on Friday, August 8th. Finally, Wall Street Zen raised Ovid Therapeutics to a "sell" rating in a research note on Friday, July 18th. One analyst has rated the stock with a sell rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Ovid Therapeutics currently has an average rating of "Moderate Buy" and a consensus price target of $3.10.

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.

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