Analysts Set Ovid Therapeutics Inc. (NASDAQ:OVID) Target Price at $3.03

Shares of Ovid Therapeutics Inc. (NASDAQ:OVID) have been assigned an average recommendation of “Buy” from the seven research firms that are presently covering the firm, MarketBeat reports. One research analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. The average 1-year price target among brokers that have covered the stock in the last year is $3.03.

A number of brokerages have commented on OVID. Wedbush reaffirmed an “outperform” rating and issued a $3.00 price objective (down from $4.00) on shares of Ovid Therapeutics in a report on Wednesday, March 12th. Oppenheimer raised shares of Ovid Therapeutics from a “market perform” rating to an “outperform” rating and set a $4.00 price objective for the company in a report on Wednesday, January 29th. Finally, BTIG Research lowered their target price on shares of Ovid Therapeutics from $5.00 to $4.00 and set a “buy” rating on the stock in a report on Monday, March 24th.

Ovid Therapeutics Stock Up 3.6 %

OVID opened at $0.34 on Tuesday. The stock’s fifty day simple moving average is $0.41 and its 200 day simple moving average is $0.79. Ovid Therapeutics has a 1-year low of $0.24 and a 1-year high of $3.45. The stock has a market cap of $23.94 million, a PE ratio of -0.72 and a beta of 0.44. The company has a current ratio of 5.66, a quick ratio of 5.66 and a debt-to-equity ratio of 0.18.

Ovid Therapeutics (NASDAQ:OVID) last announced its earnings results on Tuesday, March 11th. The company reported ($0.13) EPS for the quarter, topping the consensus estimate of ($0.16) by $0.03. The business had revenue of $0.08 million during the quarter, compared to the consensus estimate of $0.19 million. Ovid Therapeutics had a negative net margin of 5,142.56% and a negative return on equity of 39.24%. As a group, research analysts expect that Ovid Therapeutics will post -0.4 earnings per share for the current year.

Hedge Funds Weigh In On Ovid Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of OVID. Takeda Pharmaceutical Co. Ltd. bought a new position in Ovid Therapeutics in the fourth quarter valued at about $7,012,000. Kennedy Capital Management LLC increased its position in Ovid Therapeutics by 1.1% during the 4th quarter. Kennedy Capital Management LLC now owns 1,545,387 shares of the company’s stock worth $1,443,000 after purchasing an additional 17,402 shares in the last quarter. Geode Capital Management LLC lifted its stake in Ovid Therapeutics by 1.1% in the 3rd quarter. Geode Capital Management LLC now owns 1,317,330 shares of the company’s stock valued at $1,555,000 after purchasing an additional 14,816 shares during the last quarter. Adage Capital Partners GP L.L.C. acquired a new stake in Ovid Therapeutics in the fourth quarter valued at approximately $934,000. Finally, OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Ovid Therapeutics by 50.2% during the fourth quarter. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 943,416 shares of the company’s stock worth $881,000 after buying an additional 315,126 shares during the last quarter. Institutional investors own 72.24% of the company’s stock.

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.