Ovid Therapeutics (NASDAQ:OVID) Receives Consensus Recommendation of “Buy” from Analysts

Shares of Ovid Therapeutics (NASDAQ:OVID) have been given a consensus rating of “Buy” by the eleven research firms that are presently covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, eight have given a buy rating and two have assigned a strong buy rating to the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $3.8750.

Several research analysts recently issued reports on the company. Leerink Partners initiated coverage on Ovid Therapeutics in a research report on Monday, November 17th. They set an “outperform” rating and a $5.00 price objective for the company. Lifesci Capital initiated coverage on Ovid Therapeutics in a research report on Monday, December 22nd. They set an “outperform” rating and a $4.00 price target for the company. Wall Street Zen upgraded Ovid Therapeutics from a “sell” rating to a “hold” rating in a research report on Saturday, December 27th. Roth Capital started coverage on Ovid Therapeutics in a research note on Thursday, December 11th. They set a “buy” rating and a $3.00 price objective on the stock. Finally, Leerink Partnrs raised shares of Ovid Therapeutics to a “strong-buy” rating in a research note on Monday, November 17th.

Ovid Therapeutics Trading Down 3.5%

NASDAQ:OVID opened at $1.67 on Friday. Ovid Therapeutics has a 52-week low of $0.24 and a 52-week high of $2.01. The company has a quick ratio of 4.24, a current ratio of 4.24 and a debt-to-equity ratio of 0.28. The stock has a fifty day simple moving average of $1.55 and a 200-day simple moving average of $1.20. The company has a market capitalization of $118.92 million, a PE ratio of -3.34 and a beta of 0.22.

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

Hedge Funds Weigh In On Ovid Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of OVID. Schonfeld Strategic Advisors LLC purchased a new stake in Ovid Therapeutics in the 3rd quarter worth approximately $1,148,000. Rosalind Advisors Inc. acquired a new stake in shares of Ovid Therapeutics during the second quarter worth $165,000. Assenagon Asset Management S.A. grew its position in shares of Ovid Therapeutics by 112.2% in the third quarter. Assenagon Asset Management S.A. now owns 924,576 shares of the company’s stock valued at $1,202,000 after purchasing an additional 488,956 shares during the period. Boothbay Fund Management LLC acquired a new position in Ovid Therapeutics in the third quarter valued at $633,000. Finally, Bank of America Corp DE lifted its position in Ovid Therapeutics by 2,333.0% during the third quarter. Bank of America Corp DE now owns 362,707 shares of the company’s stock worth $472,000 after buying an additional 347,799 shares during the period. 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.