Ovid Therapeutics (NASDAQ:OVID) PT Lowered to $3.50 at Citigroup

Ovid Therapeutics (NASDAQ:OVID) had its price objective dropped by research analysts at Citigroup from $4.00 to $3.50 in a research report issued on Tuesday, Benzinga reports. The firm currently has a “neutral” rating on the stock. Citigroup’s price objective points to a potential upside of 13.27% from the stock’s previous close.

Other analysts have also issued research reports about the company. B. Riley began coverage on Ovid Therapeutics in a research note on Tuesday, April 30th. They set a “buy” rating and a $9.00 price objective for the company. HC Wainwright began coverage on shares of Ovid Therapeutics in a research report on Monday, April 29th. They set a “buy” rating and a $9.00 price target for the company. Finally, Wedbush started coverage on shares of Ovid Therapeutics in a research report on Friday, April 5th. They issued an “outperform” rating and a $8.00 price objective on the stock. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Ovid Therapeutics has an average rating of “Moderate Buy” and an average price target of $8.08.

Ovid Therapeutics Price Performance

OVID stock opened at $3.09 on Tuesday. 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 $218.81 million, a P/E ratio of -4.12 and a beta of 0.69. The firm’s fifty day moving average is $3.09 and its 200 day moving average is $3.31. Ovid Therapeutics has a 52 week low of $2.57 and a 52 week high of $4.14.

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

Insiders Place Their Bets

In related news, CEO Jeremy M. Levin purchased 18,248 shares of Ovid Therapeutics stock in a transaction that occurred on Monday, March 18th. The shares were bought at an average price of $2.76 per share, for a total transaction of $50,364.48. Following the completion of the transaction, the chief executive officer now directly owns 3,616,715 shares of the company’s stock, valued at $9,982,133.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 13.30% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. China Universal Asset Management Co. Ltd. increased its stake in shares of Ovid Therapeutics by 66.0% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 13,579 shares of the company’s stock worth $41,000 after acquiring an additional 5,401 shares in the last quarter. Empowered Funds LLC increased its stake in shares of Ovid Therapeutics by 8.1% during the first quarter. Empowered Funds LLC now owns 128,070 shares of the company’s stock valued at $391,000 after purchasing an additional 9,625 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Ovid Therapeutics by 17.2% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 81,173 shares of the company’s stock valued at $312,000 after purchasing an additional 11,926 shares during the last quarter. SG Americas Securities LLC boosted its position in shares of Ovid Therapeutics by 52.7% in the 4th quarter. SG Americas Securities LLC now owns 39,792 shares of the company’s stock worth $128,000 after purchasing an additional 13,728 shares in the last quarter. Finally, BNP Paribas Financial Markets grew its stake in shares of Ovid Therapeutics by 74.7% in the 1st quarter. BNP Paribas Financial Markets now owns 32,162 shares of the company’s stock worth $98,000 after buying an additional 13,756 shares during the last quarter. Hedge funds and other institutional investors own 72.24% of the company’s stock.

About Ovid Therapeutics

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.