Ovid Therapeutics (NASDAQ:OVID) Releases Earnings Results, Beats Expectations By $0.04 EPS

Ovid Therapeutics (NASDAQ:OVID) issued its earnings results on Thursday. The company reported ($0.08) EPS for the quarter, topping the consensus estimate of ($0.12) by $0.04, FiscalAI reports. The firm had revenue of $0.73 million during the quarter, compared to analysts’ expectations of $0.02 million. Ovid Therapeutics had a negative return on equity of 22.51% and a negative net margin of 240.11%.

Ovid Therapeutics Price Performance

Shares of Ovid Therapeutics stock traded down $0.03 during mid-day trading on Friday, reaching $2.77. 176,030 shares of the stock were exchanged, compared to its average volume of 2,471,976. Ovid Therapeutics has a fifty-two week low of $0.81 and a fifty-two week high of $3.11. The company has a market cap of $517.93 million, a price-to-earnings ratio of -9.57 and a beta of 0.21. The firm has a 50-day simple moving average of $2.47 and a 200 day simple moving average of $2.30. The company has a current ratio of 10.17, a quick ratio of 10.17 and a debt-to-equity ratio of 0.06.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the company. Invesco Ltd. acquired a new stake in Ovid Therapeutics during the 4th quarter valued at $54,000. ADAR1 Capital Management LLC boosted its stake in Ovid Therapeutics by 33,256.7% in the fourth quarter. ADAR1 Capital Management LLC now owns 4,285,000 shares of the company’s stock worth $6,985,000 after purchasing an additional 4,272,154 shares in the last quarter. Quadrature Capital Ltd grew its holdings in shares of Ovid Therapeutics by 217.2% during the fourth quarter. Quadrature Capital Ltd now owns 87,874 shares of the company’s stock worth $143,000 after purchasing an additional 60,171 shares during the last quarter. Millennium Management LLC grew its holdings in shares of Ovid Therapeutics by 35.8% during the fourth quarter. Millennium Management LLC now owns 1,339,465 shares of the company’s stock worth $2,183,000 after purchasing an additional 353,172 shares during the last quarter. Finally, Ally Bridge Group NY LLC acquired a new stake in shares of Ovid Therapeutics in the fourth quarter valued at $2,910,000. Institutional investors own 72.24% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on OVID shares. B. Riley Financial reaffirmed a “buy” rating on shares of Ovid Therapeutics in a report on Tuesday, July 21st. Roth Capital reissued a “buy” rating and issued a $7.00 price target on shares of Ovid Therapeutics in a research report on Thursday, May 14th. Wall Street Zen lowered shares of Ovid Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, July 25th. Oppenheimer raised their price target on shares of Ovid Therapeutics from $7.00 to $9.00 and gave the stock an “outperform” rating in a research note on Monday, August 3rd. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Ovid Therapeutics in a research note on Friday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $5.71.

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.