Brokerages Set Ovid Therapeutics (NASDAQ:OVID) Price Target at $5.13

Ovid Therapeutics (NASDAQ:OVID) has earned an average recommendation of “Moderate Buy” from the nine ratings firms that are currently covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, seven have given a buy rating and one has issued a strong buy rating on the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $5.1250.

OVID has been the subject of several analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Ovid Therapeutics in a research note on Tuesday, April 21st. Wedbush reissued an “outperform” rating and issued a $7.00 price objective on shares of Ovid Therapeutics in a research note on Wednesday, April 15th. Wall Street Zen raised shares of Ovid Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, March 21st. HC Wainwright raised their price objective on shares of Ovid Therapeutics from $2.00 to $4.00 and gave the stock a “buy” rating in a research note on Thursday, April 9th. Finally, BTIG Research reaffirmed a “buy” rating and set a $4.00 target price on shares of Ovid Therapeutics in a research report on Thursday, March 26th.

Ovid Therapeutics Stock Up 2.1%

Shares of NASDAQ OVID opened at $2.44 on Friday. The company has a debt-to-equity ratio of 0.06, a current ratio of 10.17 and a quick ratio of 10.17. The company has a market cap of $321.79 million, a P/E ratio of -8.41 and a beta of 0.18. Ovid Therapeutics has a 1 year low of $0.27 and a 1 year high of $3.11. The firm has a 50-day simple moving average of $2.54 and a two-hundred day simple moving average of $1.92.

Ovid Therapeutics (NASDAQ:OVID) last announced its quarterly earnings data on Tuesday, May 12th. The company reported ($0.12) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.12). Ovid Therapeutics had a negative net margin of 240.11% and a negative return on equity of 22.51%. Research analysts anticipate that Ovid Therapeutics will post -0.48 earnings per share for the current year.

Hedge Funds Weigh In On Ovid Therapeutics

A number of institutional investors have recently modified their holdings of the stock. LPL Financial LLC increased its position in shares of 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 acquiring an additional 18,000 shares during the period. Bank of America Corp DE increased 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 worth $53,000 after acquiring an additional 18,841 shares during the period. Benin Management CORP purchased a new position in shares of Ovid Therapeutics during the fourth quarter worth approximately $31,000. Sovereign Financial Group Inc. increased its position in shares of Ovid Therapeutics by 200.0% during the first quarter. Sovereign Financial Group Inc. now owns 30,000 shares of the company’s stock worth $67,000 after acquiring an additional 20,000 shares during the period. Finally, State of Wyoming purchased a new position in shares of Ovid Therapeutics during the first quarter worth approximately $49,000. 72.24% of the stock is owned by hedge funds and other institutional investors.

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.