Eventide Asset Management LLC Makes New $6.99 Million Investment in Ovid Therapeutics $OVID

Eventide Asset Management LLC acquired a new position in shares of Ovid Therapeutics (NASDAQ:OVID) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 4,285,000 shares of the company’s stock, valued at approximately $6,985,000. Eventide Asset Management LLC owned 0.06% of Ovid Therapeutics at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Benin Management CORP bought a new position in Ovid Therapeutics during the 4th quarter worth $31,000. Private Advisor Group LLC bought a new position in shares of Ovid Therapeutics in the 3rd quarter valued at $33,000. Total Clarity Wealth Management Inc. bought a new position in shares of Ovid Therapeutics in the 4th quarter valued at $47,000. Jane Street Group LLC bought a new position in shares of Ovid Therapeutics in the 2nd quarter valued at $47,000. Finally, LPL Financial LLC increased its stake in shares of Ovid Therapeutics by 150.0% in the 4th quarter. LPL Financial LLC now owns 30,000 shares of the company’s stock valued at $49,000 after purchasing an additional 18,000 shares during the last quarter. Institutional investors own 72.24% of the company’s stock.

Ovid Therapeutics Stock Performance

NASDAQ OVID opened at $2.30 on Monday. The company has a quick ratio of 10.17, a current ratio of 10.17 and a debt-to-equity ratio of 0.06. Ovid Therapeutics has a twelve month low of $0.27 and a twelve month high of $3.11. The company has a market cap of $429.27 million, a price-to-earnings ratio of -7.93 and a beta of 0.16. The business’s fifty day moving average is $2.60 and its 200 day moving average is $2.04.

Ovid Therapeutics (NASDAQ:OVID) last released its quarterly earnings data on Tuesday, May 12th. The company reported ($0.12) earnings per share for the quarter, meeting the consensus estimate of ($0.12). Ovid Therapeutics had a negative return on equity of 22.51% and a negative net margin of 240.11%. As a group, sell-side analysts expect that Ovid Therapeutics will post -0.5 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on OVID. BTIG Research reiterated a “buy” rating and issued a $4.00 price target on shares of Ovid Therapeutics in a research note on Thursday, March 26th. Wall Street Zen lowered Ovid Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday. HC Wainwright lifted their price target on Ovid Therapeutics from $2.00 to $4.00 and gave the company a “buy” rating in a research note on Thursday, April 9th. Roth Mkm reiterated a “buy” rating and issued a $7.00 price target on shares of Ovid Therapeutics in a research note on Thursday, May 14th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Ovid Therapeutics in a research note on Tuesday, April 21st. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Ovid Therapeutics currently has an average rating of “Moderate Buy” and a consensus price target of $5.13.

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.