Wall Street Zen Upgrades Ovid Therapeutics (NASDAQ:OVID) to “Hold”

Ovid Therapeutics (NASDAQ:OVID) was upgraded by equities research analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a report issued on Saturday.

A number of other brokerages have also recently commented on OVID. Oppenheimer began coverage on shares of Ovid Therapeutics in a research note on Thursday, October 9th. They issued an “outperform” rating and a $7.00 price objective for the company. HC Wainwright restated a “buy” rating and set a $2.00 target price on shares of Ovid Therapeutics in a research report on Monday, December 22nd. Leerink Partnrs raised shares of Ovid Therapeutics to a “strong-buy” rating in a report on Monday, November 17th. Lifesci Capital assumed coverage on Ovid Therapeutics in a research note on Monday, December 22nd. They set an “outperform” rating and a $4.00 price objective on the stock. Finally, B. Riley restated a “buy” rating on shares of Ovid Therapeutics in a research report on Friday, October 10th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $3.88.

Ovid Therapeutics Stock Performance

NASDAQ OVID opened at $1.78 on Friday. The company has a debt-to-equity ratio of 0.28, a current ratio of 4.24 and a quick ratio of 4.24. Ovid Therapeutics has a 1-year low of $0.24 and a 1-year high of $2.01. The business has a 50 day simple moving average of $1.52 and a two-hundred day simple moving average of $1.10. The stock has a market capitalization of $126.75 million, a PE ratio of -3.56 and a beta of 0.04.

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

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the business. Assenagon Asset Management S.A. grew its position in Ovid Therapeutics by 112.2% in the 3rd quarter. Assenagon Asset Management S.A. now owns 924,576 shares of the company’s stock valued at $1,202,000 after acquiring an additional 488,956 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in shares of Ovid Therapeutics during the second quarter valued at $53,000. Nuveen LLC bought a new position in shares of Ovid Therapeutics in the first quarter worth about $37,000. Adage Capital Partners GP L.L.C. grew its holdings in shares of Ovid Therapeutics by 15.0% in the first quarter. Adage Capital Partners GP L.L.C. now owns 1,150,000 shares of the company’s stock worth $359,000 after purchasing an additional 150,000 shares during the last quarter. Finally, Jane Street Group LLC purchased a new position in Ovid Therapeutics in the 2nd quarter worth about $47,000. Hedge funds and other institutional investors own 72.24% of the company’s stock.

About Ovid Therapeutics

Ovid Therapeutics is a clinical-stage biopharmaceutical company focused on the development of therapies for rare neurological disorders. Founded in 2014 and headquartered in New York, the company applies a precision medicine approach to target underlying mechanisms of disease in patients with genetic conditions affecting the central nervous system. Its research platform centers on small-molecule modulators of neurotransmitter pathways to restore neural network function in disorders with high unmet medical need.

The company’s lead development candidate, OV101 (gaboxadol), is a selective extrasynaptic GABAA receptor agonist being investigated for the treatment of Angelman syndrome and Fragile X syndrome.