Brokerages Set Ovid Therapeutics Inc. (NASDAQ:OVID) Target Price at $8.08

Ovid Therapeutics Inc. (NASDAQ:OVID) has earned a consensus rating of “Moderate Buy” from the six research firms that are currently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating on the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $8.08.

Several analysts recently weighed in on the company. HC Wainwright started coverage on Ovid Therapeutics in a report on Monday, April 29th. They set a “buy” rating and a $9.00 price target on the stock. Wedbush assumed coverage on shares of Ovid Therapeutics in a research note on Friday, April 5th. They issued an “outperform” rating and a $8.00 target price on the stock. B. Riley started coverage on shares of Ovid Therapeutics in a research note on Tuesday, April 30th. They set a “buy” rating and a $9.00 price target for the company. Finally, Citigroup cut their price target on shares of Ovid Therapeutics from $4.00 to $3.50 and set a “neutral” rating on the stock in a report on Tuesday.

Ovid Therapeutics Stock Performance

Shares of NASDAQ:OVID opened at $3.05 on Tuesday. The firm has a fifty day simple moving average of $3.08 and a two-hundred day simple moving average of $3.31. Ovid Therapeutics has a 52 week low of $2.57 and a 52 week high of $4.14. The company has a quick ratio of 9.55, a current ratio of 9.55 and a debt-to-equity ratio of 0.17. The stock has a market capitalization of $215.97 million, a P/E ratio of -4.07 and a beta of 0.69.

Ovid Therapeutics (NASDAQ:OVID) last issued its quarterly earnings data on Friday, March 8th. The company reported ($0.22) earnings per share for the quarter, missing the consensus estimate 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 return on equity of 49.76% and a negative net margin of 13,351.53%. On average, analysts expect that Ovid Therapeutics will post -0.73 earnings per share for the current fiscal year.

Insider Buying and Selling at Ovid Therapeutics

In related news, CEO Jeremy M. Levin bought 18,248 shares of Ovid Therapeutics stock in a transaction dated Monday, March 18th. The shares were acquired at an average cost of $2.76 per share, with a total value of $50,364.48. Following the completion of the transaction, the chief executive officer now owns 3,616,715 shares in the company, valued at approximately $9,982,133.40. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. 13.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Ovid Therapeutics

Several hedge funds have recently made changes to their positions in OVID. SG Americas Securities LLC bought a new position in Ovid Therapeutics in the third quarter worth approximately $100,000. Jump Financial LLC bought a new stake in Ovid Therapeutics during the third quarter valued at about $61,000. Connor Clark & Lunn Investment Management Ltd. boosted its position in 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 in the last quarter. Assenagon Asset Management S.A. purchased a new position in Ovid Therapeutics in the fourth quarter valued at about $253,000. Finally, China Universal Asset Management Co. Ltd. bought a new position in Ovid Therapeutics in the fourth quarter worth about $26,000. 72.24% of the stock is currently owned by hedge funds and other institutional investors.

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.