Ovid Therapeutics Inc. (NASDAQ:OVID) Receives $3.03 Consensus Target Price from Brokerages

Shares of Ovid Therapeutics Inc. (NASDAQ:OVID) have received an average rating of “Buy” from the seven research firms that are covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating on the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $3.03.

Several equities analysts have recently weighed in on OVID shares. Oppenheimer upgraded shares of Ovid Therapeutics from a “market perform” rating to an “outperform” rating and set a $4.00 price objective on the stock in a research note on Wednesday, January 29th. BTIG Research dropped their price target on shares of Ovid Therapeutics from $5.00 to $4.00 and set a “buy” rating on the stock in a research note on Monday, March 24th. HC Wainwright restated a “buy” rating and issued a $3.00 price objective on shares of Ovid Therapeutics in a research note on Wednesday, December 4th. Finally, Wedbush reiterated an “outperform” rating and set a $3.00 target price (down from $4.00) on shares of Ovid Therapeutics in a research report on Wednesday, March 12th.

Hedge Funds Weigh In On Ovid Therapeutics

Several large investors have recently made changes to their positions in OVID. Velan Capital Investment Management LP purchased a new stake in shares of Ovid Therapeutics during the fourth quarter worth about $65,000. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Ovid Therapeutics by 50.2% in the 4th quarter. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 943,416 shares of the company’s stock worth $881,000 after purchasing an additional 315,126 shares during the period. Jacobs Levy Equity Management Inc. purchased a new stake in Ovid Therapeutics during the 4th quarter valued at approximately $272,000. Bank of America Corp DE raised its position in shares of Ovid Therapeutics by 49.7% during the fourth quarter. Bank of America Corp DE now owns 56,733 shares of the company’s stock valued at $53,000 after buying an additional 18,841 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. purchased a new position in shares of Ovid Therapeutics in the fourth quarter worth $934,000. 72.24% of the stock is currently owned by hedge funds and other institutional investors.

Ovid Therapeutics Price Performance

Shares of OVID opened at $0.35 on Friday. The firm has a fifty day simple moving average of $0.57 and a two-hundred day simple moving average of $0.90. The firm has a market cap of $24.88 million, a PE ratio of -0.74 and a beta of 0.29. The company has a current ratio of 5.66, a quick ratio of 5.66 and a debt-to-equity ratio of 0.18. Ovid Therapeutics has a 1-year low of $0.35 and a 1-year high of $3.45.

Ovid Therapeutics (NASDAQ:OVID) last posted its quarterly earnings data on Tuesday, March 11th. The company reported ($0.13) EPS for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.03. The company had revenue of $0.08 million during the quarter, compared to analysts’ expectations of $0.19 million. Ovid Therapeutics had a negative return on equity of 39.24% and a negative net margin of 5,142.56%. On average, equities analysts anticipate that Ovid Therapeutics will post -0.4 EPS for the current year.

Ovid Therapeutics Company Profile

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.