Ovid Therapeutics (NASDAQ:OVID) Shares Climb 9.9% - Time to Buy?

Key Points

• Ovid Therapeutics shares rose 9.9% to about $2.59, although trading volume was 53% below the stock’s average daily volume.
• Analyst sentiment is largely positive: the stock has a “Moderate Buy” consensus rating and an average price target of $6.00, compared with its recent price near $2.60. However, Weiss Ratings maintains a sell rating.
• Ovid reported a quarterly loss of $0.08 per share, beating estimates for a $0.12 loss, while institutional investors and hedge funds own 72.24% of the company.

Ovid Therapeutics (NASDAQ:OVID - Get Free Report) traded up 9.9% during trading on Wednesday. The stock traded as high as $2.57 and last traded at $2.5940. Approximately 1,075,241 shares traded hands during trading, a decline of 53% from the average daily volume of 2,281,596 shares. The stock had previously closed at $2.36.

Analyst Ratings Changes

OVID has been the subject of a number of research analyst reports. B. Riley Financial reiterated a "buy" rating on shares of Ovid Therapeutics in a report on Tuesday, July 21st. Guggenheim started coverage on shares of Ovid Therapeutics in a research note on Tuesday, October 6th. They issued a "buy" rating and a $7.00 price objective for the company. UBS Group reissued a "buy" rating on shares of Ovid Therapeutics in a report on Friday, September 11th. Wolfe Research began coverage on shares of Ovid Therapeutics in a research report on Thursday, October 15th. They set an "outperform" rating and a $5.00 target price on the stock. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Ovid Therapeutics in a research report on Thursday, October 15th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $6.00.

Ovid Therapeutics Stock Performance

The firm has a fifty day moving average of $2.61 and a 200-day moving average of $2.57. The stock has a market capitalization of $501.53 million, a price-to-earnings ratio of -8.34 and a beta of 0.22. The company has a quick ratio of 12.39, a current ratio of 12.39 and a debt-to-equity ratio of 0.05.

Ovid Therapeutics (NASDAQ:OVID - Get Free Report) last posted its earnings results on Thursday, August 13th. The company reported ($0.08) earnings per share for the quarter, beating the consensus estimate of ($0.12) by $0.04. The firm had revenue of $0.73 million during the quarter, compared to analyst estimates of $0.02 million. As a group, sell-side analysts anticipate that Ovid Therapeutics will post -0.37 EPS for the current year.

Institutional Investors Weigh In On Ovid Therapeutics

A number of large investors have recently added to or reduced their stakes in OVID. Spark Investment Management LLC acquired a new position in shares of Ovid Therapeutics during the 2nd quarter worth approximately $86,000. Braidwell LP purchased a new stake in Ovid Therapeutics in the 2nd quarter valued at approximately $15,923,000. Two Sigma Securities LLC lifted its stake in Ovid Therapeutics by 182.3% in the 2nd quarter. Two Sigma Securities LLC now owns 71,487 shares of the company's stock valued at $192,000 after buying an additional 46,163 shares in the last quarter. Wellington Management Group LLP acquired a new stake in Ovid Therapeutics during the 2nd quarter valued at $278,000. Finally, Empowered Funds LLC acquired a new stake in Ovid Therapeutics during the 2nd quarter valued at $245,000. 72.24% of the stock is owned by institutional investors and hedge funds.

Ovid Therapeutics Company Profile

Ovid Therapeutics Inc is a clinical-stage biopharmaceutical company focused on developing medicines for rare neurological disorders, including epilepsies and neurodevelopmental conditions. The company's research programs are designed to address diseases with significant unmet medical needs and limited treatment options.

Ovid has developed a pipeline of investigational therapies targeting the underlying biology of neurological disorders. Its programs have included treatments for seizure disorders such as Dravet syndrome and Lennox-Gastaut syndrome, as well as potential therapies for other rare epileptic and neurodevelopmental conditions.

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