Leerink Partnrs Upgrades Ovid Therapeutics (NASDAQ:OVID) to Strong-Buy

Ovid Therapeutics (NASDAQ:OVID) was upgraded by stock analysts at Leerink Partnrs to a “strong-buy” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

OVID has been the topic of several other research reports. Wall Street Zen downgraded Ovid Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday. B. Riley reiterated a “buy” rating on shares of Ovid Therapeutics in a research report on Friday, October 10th. Leerink Partners started coverage on shares of Ovid Therapeutics in a report on Monday. They issued an “outperform” rating and a $5.00 target price on the stock. Oppenheimer initiated coverage on shares of Ovid Therapeutics in a research note on Thursday, October 9th. They set an “outperform” rating and a $7.00 target price for the company. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Ovid Therapeutics in a report on Wednesday, October 8th. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Ovid Therapeutics has an average rating of “Buy” and a consensus price target of $3.92.

Ovid Therapeutics Stock Up 1.5%

OVID opened at $1.32 on Monday. The stock has a market cap of $94.00 million, a price-to-earnings ratio of -2.64 and a beta of 0.32. The company has a debt-to-equity ratio of 0.28, a quick ratio of 4.24 and a current ratio of 4.24. The firm’s fifty day moving average is $1.44 and its 200 day moving average is $0.86. Ovid Therapeutics has a fifty-two week low of $0.24 and a fifty-two week high of $2.01.

Ovid Therapeutics (NASDAQ:OVID) last posted its quarterly earnings results on Wednesday, November 12th. The company reported ($0.17) EPS for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.02). The business had revenue of $0.13 million for the quarter, compared to the consensus estimate of $0.17 million. Ovid Therapeutics had a negative net margin of 550.04% and a negative return on equity of 63.79%. On average, sell-side analysts forecast that Ovid Therapeutics will post -0.4 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Ovid Therapeutics

A number of hedge funds have recently bought and sold shares of OVID. Bank of America Corp DE grew its stake in shares of Ovid Therapeutics by 49.7% in the 4th quarter. Bank of America Corp DE now owns 56,733 shares of the company’s stock worth $53,000 after buying an additional 18,841 shares in the last quarter. XTX Topco Ltd bought a new stake in shares of Ovid Therapeutics in the 1st quarter valued at approximately $29,000. Nuveen LLC bought a new stake in shares of Ovid Therapeutics in the 1st quarter valued at approximately $37,000. Affinity Asset Advisors LLC purchased a new position in shares of Ovid Therapeutics in the 1st quarter worth approximately $208,000. Finally, Adage Capital Partners GP L.L.C. increased its position in shares of Ovid Therapeutics by 15.0% during the 1st quarter. Adage Capital Partners GP L.L.C. now owns 1,150,000 shares of the company’s stock valued at $359,000 after purchasing an additional 150,000 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.