Wedbush Reaffirms “Outperform” Rating for Ovid Therapeutics (NASDAQ:OVID)

Ovid Therapeutics (NASDAQ:OVID)‘s stock had its “outperform” rating reissued by research analysts at Wedbush in a research note issued to investors on Wednesday,Benzinga reports. They currently have a $7.00 price objective on the stock. Wedbush’s target price points to a potential upside of 150.00% from the company’s current price.

Several other research analysts also recently commented on the company. Lifesci Capital assumed coverage on Ovid Therapeutics in a research note on Monday, December 22nd. They set an “outperform” rating and a $4.00 target price for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Ovid Therapeutics in a research note on Thursday, January 22nd. Wall Street Zen upgraded Ovid Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, March 21st. BTIG Research reiterated a “buy” rating and set a $4.00 target price on shares of Ovid Therapeutics in a research note on Thursday, March 26th. Finally, HC Wainwright lifted their target price on Ovid Therapeutics from $2.00 to $4.00 and gave the stock a “buy” rating in a research note on Thursday, April 9th. Two investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $4.63.

Ovid Therapeutics Stock Performance

Shares of OVID stock opened at $2.80 on Wednesday. The stock has a market cap of $369.25 million, a P/E ratio of -9.03 and a beta of -0.03. The company has a debt-to-equity ratio of 0.09, a current ratio of 8.97 and a quick ratio of 8.97. The company has a fifty day moving average price of $2.04 and a two-hundred day moving average price of $1.73. Ovid Therapeutics has a one year low of $0.26 and a one year high of $3.11.

Ovid Therapeutics (NASDAQ:OVID) last announced its quarterly earnings results 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 during the quarter, compared to analysts’ expectations of $0.06 million. Ovid Therapeutics had a negative net margin of 240.11% and a negative return on equity of 23.98%. As a group, equities analysts predict that Ovid Therapeutics will post -0.4 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Invesco Ltd. bought a new position in shares of Ovid Therapeutics during the 4th quarter worth approximately $54,000. ADAR1 Capital Management LLC boosted its stake in Ovid Therapeutics by 33,256.7% in the 4th quarter. ADAR1 Capital Management LLC now owns 4,285,000 shares of the company’s stock valued at $6,985,000 after purchasing an additional 4,272,154 shares during the period. Quadrature Capital Ltd boosted its stake 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 period. Millennium Management LLC boosted its stake in Ovid Therapeutics by 35.8% in the 4th quarter. Millennium Management LLC now owns 1,339,465 shares of the company’s stock valued at $2,183,000 after purchasing an additional 353,172 shares during the period. Finally, Ally Bridge Group NY LLC bought a new stake in Ovid Therapeutics in the 4th quarter valued at $2,910,000. 72.24% of the stock is currently owned by institutional investors.

Ovid Therapeutics Company Profile

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.