Ovid Therapeutics (NASDAQ:OVID) Research Coverage Started at Guggenheim

Guggenheim started coverage on shares of Ovid Therapeutics (NASDAQ:OVID) in a research note published on Monday, MarketBeat reports. The firm issued a buy rating and a $7.00 price objective on the stock.

A number of other equities research analysts have also weighed in on OVID. HC Wainwright boosted their price objective on Ovid Therapeutics from $4.00 to $5.00 and gave the stock a “buy” rating in a research report on Friday, September 11th. UBS Group reissued a “buy” rating on shares of Ovid Therapeutics in a research note on Friday, September 11th. Weiss Ratings restated a “sell (d-)” rating on shares of Ovid Therapeutics in a report on Friday, July 17th. Oppenheimer boosted their price target on Ovid Therapeutics from $7.00 to $9.00 and gave the stock an “outperform” rating in a report on Monday, August 3rd. Finally, Roth Capital reaffirmed a “buy” rating and issued a $8.00 price objective on shares of Ovid Therapeutics in a research note on Thursday, September 3rd. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $6.12.

Ovid Therapeutics Stock Performance

Shares of Ovid Therapeutics stock opened at $2.36 on Monday. The company’s 50 day moving average price is $2.65 and its two-hundred day moving average price is $2.57. The firm has a market capitalization of $460.91 million, a P/E ratio of -7.61 and a beta of 0.22. Ovid Therapeutics has a fifty-two week low of $1.18 and a fifty-two week high of $3.11. The company has a debt-to-equity ratio of 0.05, a current ratio of 12.39 and a quick ratio of 12.39.

Ovid Therapeutics (NASDAQ:OVID) last announced its quarterly earnings results on Thursday, August 13th. The company reported ($0.08) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.12) by $0.04. The company had revenue of $0.73 million for the quarter, compared to analyst estimates of $0.02 million. On average, equities analysts forecast that Ovid Therapeutics will post -0.37 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Braidwell LP acquired a new stake in Ovid Therapeutics during the 2nd quarter valued at approximately $15,923,000. BlackRock Inc. bought a new position in Ovid Therapeutics during the 2nd quarter worth approximately $29,115,000. Ally Bridge Group NY LLC lifted its position in shares of Ovid Therapeutics by 57.9% in the 1st quarter. Ally Bridge Group NY LLC now owns 2,818,459 shares of the company’s stock worth $6,257,000 after purchasing an additional 1,033,459 shares during the period. Jupiter Topco LLC acquired a new position in shares of Ovid Therapeutics in the 2nd quarter worth approximately $55,898,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of Ovid Therapeutics in the 2nd quarter valued at $1,120,000. 72.24% of the stock is owned by institutional investors and hedge funds.

About Ovid Therapeutics

Ovid Therapeutics Inc is a clinical-stage biopharmaceutical company focused on developing medicines for rare neurological disorders, including epilepsies and neurodevelopmental conditions. The company’s research programs are designed to address diseases with significant unmet medical needs and limited treatment options.

Ovid has developed a pipeline of investigational therapies targeting the underlying biology of neurological disorders. Its programs have included treatments for seizure disorders such as Dravet syndrome and Lennox-Gastaut syndrome, as well as potential therapies for other rare epileptic and neurodevelopmental conditions.