Ovid Therapeutics (NASDAQ:OVID) Price Target Cut to $1.50 by Analysts at HC Wainwright

Ovid Therapeutics (NASDAQ:OVID) had its price target reduced by HC Wainwright from $2.00 to $1.50 in a research report sent to investors on Tuesday morning,Benzinga reports. HC Wainwright currently has a buy rating on the stock.

A number of other equities research analysts have also recently issued reports on the stock. William Blair upgraded shares of Ovid Therapeutics to a “strong-buy” rating in a report on Thursday, April 24th. Wedbush reaffirmed an “outperform” rating and issued a $3.00 price target (down previously from $4.00) on shares of Ovid Therapeutics in a research report on Wednesday, March 12th. Oppenheimer raised Ovid Therapeutics from a “market perform” rating to an “outperform” rating and set a $4.00 price objective on the stock in a report on Wednesday, January 29th. Finally, BTIG Research cut their price objective on Ovid Therapeutics from $5.00 to $4.00 and set a “buy” rating on the stock in a research note on Monday, March 24th. One investment 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 stock. According to data from MarketBeat, Ovid Therapeutics currently has a consensus rating of “Buy” and a consensus price target of $2.78.

Ovid Therapeutics Price Performance

Shares of NASDAQ:OVID opened at $0.29 on Tuesday. The firm has a market cap of $20.72 million, a price-to-earnings ratio of -0.62 and a beta of 0.27. Ovid Therapeutics has a 1 year low of $0.24 and a 1 year high of $3.31. The company has a current ratio of 5.66, a quick ratio of 5.66 and a debt-to-equity ratio of 0.18. The business has a fifty day simple moving average of $0.31 and a 200 day simple moving average of $0.64.

Ovid Therapeutics (NASDAQ:OVID) last announced its quarterly earnings results on Tuesday, May 13th. The company reported ($0.14) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.14). Ovid Therapeutics had a negative return on equity of 39.24% and a negative net margin of 5,142.56%. The business had revenue of $0.13 million during the quarter, compared to analyst estimates of $0.03 million. As a group, sell-side analysts predict that Ovid Therapeutics will post -0.4 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Ovid Therapeutics

Institutional investors have recently made changes to their positions in the business. Takeda Pharmaceutical Co. Ltd. bought a new stake in Ovid Therapeutics during the 4th quarter valued at approximately $7,012,000. Adage Capital Partners GP L.L.C. acquired a new position in shares of Ovid Therapeutics during the fourth quarter worth approximately $934,000. Affinity Asset Advisors LLC bought a new stake in shares of Ovid Therapeutics in the first quarter valued at approximately $208,000. Assenagon Asset Management S.A. grew its stake in shares of Ovid Therapeutics by 699.9% in the first quarter. Assenagon Asset Management S.A. now owns 560,830 shares of the company’s stock worth $175,000 after acquiring an additional 490,716 shares during the last quarter. Finally, OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Ovid Therapeutics by 50.2% in 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 acquiring an additional 315,126 shares during the last quarter. 72.24% of the stock is currently owned by 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.