Wedbush Forecasts Weaker Earnings for Ovid Therapeutics

Ovid Therapeutics Inc. (NASDAQ:OVID) – Wedbush lowered their FY2024 EPS estimates for shares of Ovid Therapeutics in a report issued on Wednesday, November 13th. Wedbush analyst L. Chico now anticipates that the company will post earnings per share of ($0.39) for the year, down from their previous forecast of ($0.35). The consensus estimate for Ovid Therapeutics’ current full-year earnings is ($0.49) per share.

Several other brokerages also recently issued reports on OVID. HC Wainwright reiterated a “buy” rating and issued a $3.00 price target on shares of Ovid Therapeutics in a report on Monday, September 30th. William Blair upgraded Ovid Therapeutics to a “strong-buy” rating in a report on Friday, August 30th. Two investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Ovid Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus price target of $4.04.

Ovid Therapeutics Stock Performance

Shares of OVID stock opened at $1.06 on Friday. The company’s fifty day simple moving average is $1.16 and its 200-day simple moving average is $1.55. The company has a current ratio of 5.66, a quick ratio of 5.73 and a debt-to-equity ratio of 0.18. Ovid Therapeutics has a 52 week low of $0.68 and a 52 week high of $4.10. The company has a market cap of $75.27 million, a PE ratio of -2.19 and a beta of 0.41.

Ovid Therapeutics (NASDAQ:OVID) last released its quarterly earnings data on Tuesday, August 13th. The company reported $0.12 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.22) by $0.34. Ovid Therapeutics had a negative net margin of 5,142.56% and a negative return on equity of 39.24%. The company had revenue of $0.17 million during the quarter, compared to the consensus estimate of $0.14 million.

Institutional Trading of Ovid Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the business. Price T Rowe Associates Inc. MD boosted its holdings in Ovid Therapeutics by 22.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 17,396 shares of the company’s stock valued at $54,000 after purchasing an additional 3,145 shares during the last quarter. Empowered Funds LLC grew its position in shares of Ovid Therapeutics by 8.1% during the first quarter. Empowered Funds LLC now owns 128,070 shares of the company’s stock worth $391,000 after buying an additional 9,625 shares in the last quarter. XTX Topco Ltd increased its stake in shares of Ovid Therapeutics by 46.2% in the third quarter. XTX Topco Ltd now owns 38,230 shares of the company’s stock worth $45,000 after buying an additional 12,076 shares during the last quarter. BNP Paribas Financial Markets grew its holdings in Ovid Therapeutics by 74.7% during the 1st quarter. BNP Paribas Financial Markets now owns 32,162 shares of the company’s stock worth $98,000 after acquiring an additional 13,756 shares in the last quarter. Finally, DCF Advisers LLC increased its position in shares of Ovid Therapeutics by 111.6% in the 2nd quarter. DCF Advisers LLC now owns 41,750 shares of the company’s stock worth $32,000 after purchasing an additional 22,020 shares during the last quarter. 72.24% of the stock is owned by hedge funds and other institutional investors.

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.