Wedbush Forecasts Strong Price Appreciation for Ovid Therapeutics (NASDAQ:OVID) Stock

Key Points

• Wedbush raised its price target on Ovid Therapeutics from $5 to $7 and kept an outperform rating, implying roughly a 204% upside from the prior close.
• Analyst consensus is a Buy with an average target of $4.38 based on 2 Strong Buy, 7 Buy and 1 Sell ratings.
• Ovid beat quarterly expectations with EPS of $0.06 (vs. -$0.10 est.) and revenue of $0.72M, although it still reports a negative net margin and a market cap near $164 million.

Ovid Therapeutics (NASDAQ:OVID - Get Free Report) had its price objective boosted by equities researchers at Wedbush from $5.00 to $7.00 in a research report issued on Friday,Benzinga reports. The firm currently has an "outperform" rating on the stock. Wedbush's target price suggests a potential upside of 204.35% from the stock's previous close.

Several other equities research analysts also recently commented on the stock. Roth Mkm initiated coverage on shares of Ovid Therapeutics in a research note on Thursday, December 11th. They issued a "buy" rating and a $3.00 target price for the company. Wall Street Zen cut shares of Ovid Therapeutics from a "hold" rating to a "sell" rating in a research report on Saturday, January 17th. Lifesci Capital began coverage on shares of Ovid Therapeutics in a report on Monday, December 22nd. They issued an "outperform" rating and a $4.00 price target for the company. HC Wainwright restated a "buy" rating and issued a $2.00 price objective on shares of Ovid Therapeutics in a research report on Monday, December 22nd. 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 given a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $4.38.

Ovid Therapeutics Price Performance

Shares of OVID opened at $2.30 on Friday. The stock has a market cap of $163.78 million, a P/E ratio of -7.42 and a beta of 0.25. Ovid Therapeutics has a 1 year low of $0.24 and a 1 year high of $2.50. The stock's 50-day moving average price is $1.69 and its two-hundred day moving average price is $1.56. The company has a current ratio of 4.24, a quick ratio of 4.24 and a debt-to-equity ratio of 0.28.

Ovid Therapeutics (NASDAQ:OVID - Get Free Report) last announced its quarterly earnings results on Wednesday, March 18th. The company reported $0.06 EPS for the quarter, beating analysts' consensus estimates of ($0.10) by $0.16. The company had revenue of $0.72 million during the quarter, compared to analysts' expectations of $0.06 million. Ovid Therapeutics had a negative return on equity of 32.70% and a negative net margin of 240.11%. On average, equities analysts predict that Ovid Therapeutics will post -0.4 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in OVID. Invesco Ltd. acquired a new stake in shares of Ovid Therapeutics during the fourth quarter worth $54,000. ADAR1 Capital Management LLC boosted its stake in Ovid Therapeutics by 33,256.7% in the 4th quarter. ADAR1 Capital Management LLC now owns 4,285,000 shares of the company's stock worth $6,985,000 after purchasing an additional 4,272,154 shares during the period. Quadrature Capital Ltd boosted its stake in Ovid Therapeutics by 217.2% in the 4th quarter. Quadrature Capital Ltd now owns 87,874 shares of the company's stock worth $143,000 after purchasing an additional 60,171 shares during the period. Millennium Management LLC increased its holdings in Ovid Therapeutics by 35.8% during the 4th quarter. Millennium Management LLC now owns 1,339,465 shares of the company's stock worth $2,183,000 after purchasing an additional 353,172 shares in the last quarter. Finally, Ally Bridge Group NY LLC bought a new position in Ovid Therapeutics during the 4th quarter worth about $2,910,000. Institutional investors and hedge funds own 72.24% of the company's stock.

About Ovid Therapeutics

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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