Ovid Therapeutics (NASDAQ:OVID) Stock Price Down 2% – Time to Sell?

Shares of Ovid Therapeutics (NASDAQ:OVID) were down 2% on Monday . The stock traded as low as $0.39 and last traded at $0.40. Approximately 443,469 shares traded hands during trading, a decline of 1% from the average daily volume of 447,631 shares. The stock had previously closed at $0.41.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on OVID shares. BTIG Research decreased their target price on shares of Ovid Therapeutics from $5.00 to $4.00 and set a “buy” rating on the stock in a research report on Monday, March 24th. William Blair raised shares of Ovid Therapeutics to a “strong-buy” rating in a research note on Thursday, April 24th. Finally, HC Wainwright cut their target price on Ovid Therapeutics from $2.00 to $1.50 and set a “buy” rating on the stock in a research report on Tuesday, May 27th. Four research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $3.13.

Ovid Therapeutics Price Performance

The company has a debt-to-equity ratio of 0.22, a current ratio of 4.93 and a quick ratio of 4.93. The company has a market cap of $28.22 million, a PE ratio of -1.13 and a beta of 0.13. The company has a 50-day moving average price of $0.32 and a two-hundred day moving average price of $0.46.

Ovid Therapeutics (NASDAQ:OVID) last released its quarterly earnings results on Tuesday, May 13th. The company reported ($0.14) EPS for the quarter, hitting the consensus estimate of ($0.14). Ovid Therapeutics had a negative return on equity of 34.17% and a negative net margin of 4,562.23%. The firm had revenue of $0.13 million for the quarter, compared to analyst estimates of $0.03 million. Sell-side analysts expect that Ovid Therapeutics will post -0.4 earnings per share for the current fiscal year.

Institutional Trading of Ovid Therapeutics

A number of hedge funds have recently made changes to their positions in OVID. Acadian Asset Management LLC increased its holdings in Ovid Therapeutics by 12.8% in the first quarter. Acadian Asset Management LLC now owns 2,088,046 shares of the company’s stock valued at $650,000 after buying an additional 237,445 shares during the last quarter. Adage Capital Partners GP L.L.C. grew its position in shares of Ovid Therapeutics by 15.0% in the 1st quarter. Adage Capital Partners GP L.L.C. now owns 1,150,000 shares of the company’s stock worth $359,000 after acquiring an additional 150,000 shares in the last quarter. Affinity Asset Advisors LLC bought a new stake in shares of Ovid Therapeutics in the 1st quarter valued at approximately $208,000. Nuveen LLC acquired a new stake in shares of Ovid Therapeutics during the 1st quarter valued at approximately $37,000. Finally, XTX Topco Ltd acquired a new stake in shares of Ovid Therapeutics during the 1st quarter valued at approximately $29,000. Institutional investors and hedge funds 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.