Wall Street Zen Upgrades Ovid Therapeutics (NASDAQ:OVID) to Hold

Key Points

• Wall Street Zen upgraded Ovid Therapeutics from a "sell" to a "hold," while the analyst consensus remains positive with an average "Buy" rating and a consensus price target of $4.38.
• Ovid reported a quarterly beat (EPS $0.06 vs. -$0.10 estimate; revenue $0.72M vs. $0.06M), which helped lift the shares about 13.9% to open at $2.62 and a market cap near $186.6M.
• Institutional ownership is substantial at 72.24%, with recent stake increases from firms including Bank of America and Acadian Asset Management.

Ovid Therapeutics (NASDAQ:OVID - Get Free Report) was upgraded by investment analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a research note issued on Saturday.

Several other analysts have also recently commented on the company. HC Wainwright reissued a "buy" rating and issued a $2.00 price target on shares of Ovid Therapeutics in a report on Monday, December 22nd. Wedbush increased their price objective on Ovid Therapeutics from $5.00 to $7.00 and gave the stock an "outperform" rating in a research report on Friday. Roth Mkm initiated coverage on Ovid Therapeutics in a report on Thursday, December 11th. They issued a "buy" rating and a $3.00 target price for the company. Lifesci Capital assumed coverage on shares of Ovid Therapeutics in a research report on Monday, December 22nd. They set an "outperform" rating and a $4.00 target price on the stock. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Ovid Therapeutics in a research note on Thursday, January 22nd. Two analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the company has an average rating of "Buy" and a consensus price target of $4.38.

Ovid Therapeutics Trading Up 13.9%

NASDAQ OVID opened at $2.62 on Friday. The company has a quick ratio of 4.24, a current ratio of 8.97 and a debt-to-equity ratio of 0.09. The stock has a market capitalization of $186.57 million, a P/E ratio of -8.45 and a beta of 0.25. Ovid Therapeutics has a 52-week low of $0.24 and a 52-week high of $2.72. The firm has a 50-day moving average price of $1.70 and a 200 day moving average price of $1.57.

Ovid Therapeutics (NASDAQ:OVID - Get Free Report) last announced its quarterly earnings data on Wednesday, March 18th. The company reported $0.06 earnings per share for the quarter, beating analysts' consensus estimates of ($0.10) by $0.16. Ovid Therapeutics had a negative return on equity of 23.98% and a negative net margin of 240.11%.The company had revenue of $0.72 million for the quarter, compared to analyst estimates of $0.06 million. Equities research analysts expect that Ovid Therapeutics will post -0.4 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in OVID. Bank of America Corp DE raised its position 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 worth $53,000 after purchasing an additional 18,841 shares during the last quarter. Acadian Asset Management LLC grew its holdings in 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 during the last quarter. Marshall Wace LLP purchased a new position in Ovid Therapeutics during the second quarter worth $54,000. Velan Capital Investment Management LP increased its position in Ovid Therapeutics by 64.9% during the second quarter. Velan Capital Investment Management LP now owns 160,000 shares of the company's stock worth $53,000 after buying an additional 63,000 shares in the last quarter. Finally, Jane Street Group LLC acquired a new position in shares of Ovid Therapeutics in the second quarter worth $47,000. Hedge funds and other institutional investors own 72.24% of the company's stock.

Ovid Therapeutics Company Profile

Ovid Therapeutics is a clinical-stage biopharmaceutical company focused on the development of therapies for rare neurological disorders. Founded in 2014 and headquartered in New York, the company applies a precision medicine approach to target underlying mechanisms of disease in patients with genetic conditions affecting the central nervous system. Its research platform centers on small-molecule modulators of neurotransmitter pathways to restore neural network function in disorders with high unmet medical need.

The company's lead development candidate, OV101 (gaboxadol), is a selective extrasynaptic GABAA receptor agonist being investigated for the treatment of Angelman syndrome and Fragile X syndrome.

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