Ovid Therapeutics (NASDAQ:OVID) Stock Price Expected to Rise, Wedbush Analyst Says

Ovid Therapeutics (NASDAQ:OVID) had its price objective hoisted by research analysts at Wedbush from $5.00 to $7.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Wedbush’s target price would suggest a potential upside of 167.18% from the company’s current price.

Other equities research analysts have also issued research reports about the stock. Roth Mkm started coverage on shares of Ovid Therapeutics in a research note on Thursday, December 11th. They issued a “buy” rating and a $3.00 target price on the stock. Lifesci Capital started coverage on Ovid Therapeutics in a research note on Monday, December 22nd. They issued an “outperform” rating and a $4.00 price target for the company. Wall Street Zen lowered Ovid Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday, January 17th. HC Wainwright restated a “buy” rating and set a $2.00 price objective on shares of Ovid Therapeutics in a research note on Monday, December 22nd. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Ovid Therapeutics in a report on Thursday, January 22nd. Two analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $4.38.

Ovid Therapeutics Stock Up 13.9%

Shares of NASDAQ:OVID opened at $2.62 on Friday. The firm has a market cap of $186.57 million, a PE ratio of -8.45 and a beta of 0.25. The company has a fifty day simple moving average of $1.70 and a 200 day simple moving average of $1.57. The company has a current ratio of 8.97, a quick ratio of 4.24 and a debt-to-equity ratio of 0.09. Ovid Therapeutics has a 12-month low of $0.24 and a 12-month high of $2.72.

Ovid Therapeutics (NASDAQ:OVID) last posted its quarterly earnings data on Wednesday, March 18th. The company reported $0.06 EPS for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.16. The firm had revenue of $0.72 million for the quarter, compared to the consensus estimate of $0.06 million. Ovid Therapeutics had a negative net margin of 240.11% and a negative return on equity of 23.98%. On average, equities research analysts anticipate that Ovid Therapeutics will post -0.4 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in OVID. Assenagon Asset Management S.A. boosted its holdings in shares of Ovid Therapeutics by 112.2% during the third 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 period. OMERS ADMINISTRATION Corp acquired a new stake in shares of Ovid Therapeutics in the 4th quarter worth about $204,000. Rosalind Advisors Inc. acquired a new stake in shares of Ovid Therapeutics in the 2nd quarter worth about $165,000. Quadrature Capital Ltd lifted its position in Ovid Therapeutics by 217.2% in the 4th quarter. Quadrature Capital Ltd now owns 87,874 shares of the company’s stock valued at $143,000 after purchasing an additional 60,171 shares during the last quarter. Finally, Integrated Wealth Concepts LLC bought a new stake in Ovid Therapeutics in the 3rd quarter valued at about $69,000. 72.24% of the stock is currently owned by institutional investors.

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.