Ovid Therapeutics (NASDAQ:OVID) Releases Quarterly Earnings Results, Meets Estimates

Ovid Therapeutics (NASDAQ:OVID) announced its quarterly earnings data on Tuesday. The company reported ($0.12) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.12), FiscalAI reports. Ovid Therapeutics had a negative net margin of 240.11% and a negative return on equity of 23.98%.

Ovid Therapeutics Stock Up 0.5%

Shares of Ovid Therapeutics stock traded up $0.02 during trading on Tuesday, hitting $2.81. 2,114,508 shares of the stock were exchanged, compared to its average volume of 2,621,567. The company has a debt-to-equity ratio of 0.09, a current ratio of 8.97 and a quick ratio of 8.97. Ovid Therapeutics has a 12-month low of $0.27 and a 12-month high of $3.11. The stock has a market cap of $369.92 million, a price-to-earnings ratio of -9.08 and a beta of 0.18. The firm’s 50-day moving average price is $2.41 and its 200 day moving average price is $1.86.

Institutional Investors Weigh In On Ovid Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in OVID. Private Advisor Group LLC acquired a new stake in shares of Ovid Therapeutics in the third quarter valued at about $33,000. Jane Street Group LLC purchased a new position in Ovid Therapeutics in the 2nd quarter valued at approximately $47,000. LPL Financial LLC raised its holdings in Ovid Therapeutics by 150.0% during the fourth quarter. LPL Financial LLC now owns 30,000 shares of the company’s stock worth $49,000 after purchasing an additional 18,000 shares during the last quarter. Bank of America Corp DE raised its holdings in Ovid Therapeutics by 49.7% during the fourth quarter. Bank of America Corp DE now owns 56,733 shares of the company’s stock worth $53,000 after purchasing an additional 18,841 shares during the last quarter. Finally, Marshall Wace LLP purchased a new stake in Ovid Therapeutics during the second quarter worth $54,000. 72.24% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have recently commented on OVID shares. BTIG Research reaffirmed a “buy” rating and issued a $4.00 price target on shares of Ovid Therapeutics in a research note on Thursday, March 26th. HC Wainwright upped their target price on shares of Ovid Therapeutics from $2.00 to $4.00 and gave the company a “buy” rating in a research report on Thursday, April 9th. Wall Street Zen raised shares of Ovid Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, March 21st. Weiss Ratings reiterated a “sell (d-)” rating on shares of Ovid Therapeutics in a research report on Tuesday, April 21st. Finally, Wedbush reissued an “outperform” rating and issued a $7.00 price target on shares of Ovid Therapeutics in a research note on Wednesday, April 15th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $4.63.

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.