B. Riley Begins Coverage on Ovid Therapeutics (NASDAQ:OVID)

B. Riley assumed coverage on shares of Ovid Therapeutics (NASDAQ:OVID) in a research report sent to investors on Tuesday morning, Marketbeat Ratings reports. The brokerage issued a buy rating and a $9.00 target price on the stock. B. Riley also issued estimates for Ovid Therapeutics’ Q1 2024 earnings at ($0.26) EPS, Q2 2024 earnings at ($0.28) EPS, Q3 2024 earnings at ($0.29) EPS, Q4 2024 earnings at ($0.25) EPS, FY2024 earnings at ($1.07) EPS, FY2025 earnings at ($0.86) EPS, FY2026 earnings at ($0.85) EPS and FY2027 earnings at ($0.68) EPS.

OVID has been the topic of a number of other research reports. HC Wainwright began coverage on Ovid Therapeutics in a research report on Monday, April 29th. They set a buy rating and a $9.00 price target on the stock. Wedbush started coverage on shares of Ovid Therapeutics in a report on Friday, April 5th. They set an outperform rating and a $8.00 target price on the stock. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of Buy and an average price target of $9.00.

Ovid Therapeutics Price Performance

OVID opened at $3.06 on Tuesday. Ovid Therapeutics has a fifty-two week low of $2.57 and a fifty-two week high of $4.14. The firm has a 50-day moving average of $3.14 and a 200 day moving average of $3.33. The company has a debt-to-equity ratio of 0.17, a quick ratio of 9.55 and a current ratio of 9.55. The firm has a market cap of $216.68 million, a P/E ratio of -4.08 and a beta of 0.69.

Ovid Therapeutics (NASDAQ:OVID) last released its earnings results on Friday, March 8th. The company reported ($0.22) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.05). The company had revenue of $0.14 million for the quarter, compared to the consensus estimate of $0.10 million. Ovid Therapeutics had a negative net margin of 13,351.53% and a negative return on equity of 49.76%. On average, research analysts expect that Ovid Therapeutics will post -0.73 EPS for the current year.

Insider Buying and Selling

In related news, CEO Jeremy M. Levin purchased 18,248 shares of the business’s stock in a transaction on Monday, March 18th. The stock was acquired at an average price of $2.76 per share, with a total value of $50,364.48. Following the purchase, the chief executive officer now directly owns 3,616,715 shares in the company, valued at $9,982,133.40. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 12.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Ovid Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of OVID. China Universal Asset Management Co. Ltd. bought a new stake in Ovid Therapeutics in the 4th quarter worth approximately $26,000. Jump Financial LLC purchased a new stake in shares of Ovid Therapeutics in the 3rd quarter valued at $61,000. BNP Paribas Financial Markets grew its holdings in shares of Ovid Therapeutics by 74.7% during the 1st quarter. BNP Paribas Financial Markets now owns 32,162 shares of the company’s stock valued at $98,000 after purchasing an additional 13,756 shares during the last quarter. SG Americas Securities LLC purchased a new position in Ovid Therapeutics in the 3rd quarter worth $100,000. Finally, Assenagon Asset Management S.A. bought a new stake in Ovid Therapeutics in the fourth quarter worth $253,000. 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.