Ovid Therapeutics (NASDAQ:OVID) Share Price Crosses Above 200 Day Moving Average - Should You Sell?

Key Points

• Ovid Therapeutics shares rose above their 200-day moving average, reaching $2.49 before last trading at $2.45, compared with the moving average of $2.34.
• Analyst sentiment is broadly positive: the stock has an average “Moderate Buy” rating and a consensus price target of $6.00, despite one Sell rating.
• Ovid reported a quarterly loss of $0.08 per share, outperforming estimates for a $0.12 loss, while institutional investors own 72.24% of the company’s shares.

Ovid Therapeutics (NASDAQ:OVID - Get Free Report) crossed above its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $2.34 and traded as high as $2.49. Ovid Therapeutics shares last traded at $2.45, with a volume of 2,053,041 shares trading hands.

Analyst Ratings Changes

Several research firms have weighed in on OVID. Roth Capital reaffirmed a "buy" rating and set a $8.00 price objective on shares of Ovid Therapeutics in a research report on Thursday, September 3rd. HC Wainwright increased their target price on Ovid Therapeutics from $4.00 to $5.00 and gave the stock a "buy" rating in a research report on Friday, September 11th. Wall Street Zen raised Ovid Therapeutics from a "sell" rating to a "hold" rating in a research report on Saturday, August 15th. UBS Group restated a "buy" rating on shares of Ovid Therapeutics in a research report on Friday, September 11th. Finally, B. Riley Financial reaffirmed a "buy" rating on shares of Ovid Therapeutics in a research note on Tuesday, July 21st. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $6.00.

Ovid Therapeutics Price Performance

The company has a current ratio of 12.39, a quick ratio of 12.39 and a debt-to-equity ratio of 0.05. The company has a market cap of $478.49 million, a PE ratio of -7.90 and a beta of 0.22. The firm has a 50 day moving average of $2.55 and a two-hundred day moving average of $2.34.

Ovid Therapeutics (NASDAQ:OVID - Get Free Report) last announced its quarterly earnings data on Thursday, August 13th. The company reported ($0.08) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.12) by $0.04. The company had revenue of $0.73 million for the quarter, compared to analysts' expectations of $0.02 million. Research analysts predict that Ovid Therapeutics will post -0.37 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of OVID. Jupiter Topco LLC bought a new stake in shares of Ovid Therapeutics during the 2nd quarter valued at $55,898,000. BlackRock Inc. bought a new position in Ovid Therapeutics in the 2nd quarter worth $29,115,000. Janus Henderson Group PLC bought a new position in Ovid Therapeutics in the 1st quarter worth $23,732,000. Affinity Asset Advisors LLC increased its stake in Ovid Therapeutics by 48.8% in the 1st quarter. Affinity Asset Advisors LLC now owns 10,636,318 shares of the company's stock worth $23,613,000 after buying an additional 3,486,318 shares in the last quarter. Finally, ADAR1 Capital Management LLC purchased a new stake in Ovid Therapeutics in the 2nd quarter worth $19,953,000. 72.24% of the stock is owned by hedge funds and other institutional investors.

About Ovid Therapeutics

Ovid Therapeutics Inc is a clinical-stage biopharmaceutical company focused on developing medicines for epilepsies and other disorders of the central nervous system. The company's research has concentrated on conditions with significant unmet medical needs, including rare epileptic and neurodevelopmental disorders.

Ovid's pipeline has included soticlestat, an investigational therapy developed in collaboration with Takeda Pharmaceutical Company for developmental and epileptic encephalopathies such as Dravet syndrome and Lennox-Gastaut syndrome.

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