Ovid Therapeutics (NASDAQ:OVID) Trading Down 3.1% - Here's What Happened

Key Points

• Ovid Therapeutics stock fell by 3.1%, closing at $1.56, with significantly lower trading volume at 577,259 shares, compared to an average of 5,657,727 shares.
• Recent analyst ratings include a "buy" rating from B. Riley, while Weiss Ratings assigned a "sell (d-)" rating; the consensus price target stands at $3.70.
• In its last quarterly earnings report, Ovid Therapeutics exceeded estimates with earnings of ($0.06) per share and revenue of $6.27 million, against expectations of just $0.09 million.

Ovid Therapeutics (NASDAQ:OVID - Get Free Report)'s stock price fell 3.1% on Thursday . The stock traded as low as $1.55 and last traded at $1.56. 577,259 shares were traded during trading, a decline of 90% from the average session volume of 5,657,727 shares. The stock had previously closed at $1.61.

Wall Street Analyst Weigh In

Several research firms recently weighed in on OVID. Weiss Ratings restated a "sell (d-)" rating on shares of Ovid Therapeutics in a report on Wednesday, October 8th. B. Riley restated a "buy" rating on shares of Ovid Therapeutics in a report on Friday, October 10th. Wall Street Zen upgraded Ovid Therapeutics from a "sell" rating to a "hold" rating in a report on Saturday, August 16th. Finally, Oppenheimer started coverage on Ovid Therapeutics in a research report on Thursday, October 9th. They issued an "outperform" rating and a $7.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $3.70.

Ovid Therapeutics Stock Down 3.1%

The company has a debt-to-equity ratio of 0.23, a quick ratio of 4.72 and a current ratio of 4.72. The stock has a market capitalization of $110.93 million, a PE ratio of -2.94 and a beta of 0.35. The business has a 50 day moving average of $1.36 and a two-hundred day moving average of $0.71.

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

Institutional Investors Weigh In On Ovid Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in OVID. Affinity Asset Advisors LLC purchased a new stake in Ovid Therapeutics in the first quarter valued at about $208,000. Rosalind Advisors Inc. purchased a new stake in Ovid Therapeutics in the second quarter valued at about $165,000. Assenagon Asset Management S.A. raised its stake in Ovid Therapeutics by 112.2% in the third quarter. Assenagon Asset Management S.A. now owns 924,576 shares of the company's stock valued at $1,202,000 after buying an additional 488,956 shares during the last quarter. Acadian Asset Management LLC raised its stake in Ovid Therapeutics by 12.8% in the first 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 during the last quarter. Finally, Marshall Wace LLP purchased a new stake in Ovid Therapeutics in the second quarter valued at about $54,000. 72.24% of the stock is currently owned by hedge funds and other institutional investors.

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.

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