Ovid Therapeutics (NASDAQ:OVID) Stock Passes Below 50 Day Moving Average of $1.06

Ovid Therapeutics Inc. (NASDAQ:OVID) passed below its fifty day moving average during trading on Wednesday . The stock has a fifty day moving average of $1.06 and traded as low as $1.03. Ovid Therapeutics shares last traded at $1.06, with a volume of 225,542 shares traded.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on OVID. BTIG Research dropped their price target on Ovid Therapeutics from $11.00 to $5.00 and set a “buy” rating for the company in a report on Tuesday, June 18th. HC Wainwright reissued a “buy” rating and set a $3.00 price objective on shares of Ovid Therapeutics in a report on Monday, August 19th. Citigroup lowered their price objective on shares of Ovid Therapeutics from $3.50 to $1.20 and set a “neutral” rating for the company in a research report on Tuesday, June 18th. William Blair upgraded shares of Ovid Therapeutics to a “strong-buy” rating in a research report on Friday, August 30th. Finally, Oppenheimer lowered shares of Ovid Therapeutics from an “outperform” rating to a “market perform” rating in a report on Tuesday, June 18th. Two analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Ovid Therapeutics has an average rating of “Moderate Buy” and a consensus price target of $4.70.

Ovid Therapeutics Stock Down 5.4 %

The firm’s 50 day moving average price is $1.06 and its 200-day moving average price is $2.09. The company has a current ratio of 5.73, a quick ratio of 5.73 and a debt-to-equity ratio of 0.16. The company has a market cap of $75.20 million, a P/E ratio of -1.45 and a beta of 0.42.

Ovid Therapeutics (NASDAQ:OVID) last released its earnings results on Tuesday, August 13th. The company reported $0.12 EPS for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.34. The firm had revenue of $0.17 million during the quarter, compared to analyst estimates of $0.14 million. Ovid Therapeutics had a negative net margin of 5,237.15% and a negative return on equity of 33.40%. As a group, equities research analysts expect that Ovid Therapeutics Inc. will post -0.49 EPS for the current year.

Institutional Investors Weigh In On Ovid Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in OVID. Assenagon Asset Management S.A. grew its position in shares of Ovid Therapeutics by 45.6% during the 1st quarter. Assenagon Asset Management S.A. now owns 114,265 shares of the company’s stock worth $349,000 after buying an additional 35,786 shares during the period. BNP Paribas Financial Markets grew its holdings in Ovid Therapeutics by 74.7% during the first quarter. BNP Paribas Financial Markets now owns 32,162 shares of the company’s stock valued at $98,000 after purchasing an additional 13,756 shares during the period. Vestal Point Capital LP acquired a new stake in Ovid Therapeutics in the fourth quarter worth $275,000. FFT Wealth Management LLC boosted its position in shares of Ovid Therapeutics by 18.2% during the second quarter. FFT Wealth Management LLC now owns 489,552 shares of the company’s stock worth $377,000 after purchasing an additional 75,530 shares in the last quarter. Finally, Driehaus Capital Management LLC acquired a new position in shares of Ovid Therapeutics in the 2nd quarter valued at $1,077,000. Institutional investors own 72.24% of the company’s stock.

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.