Brokerages Set Ovid Therapeutics Inc. (NASDAQ:OVID) Target Price at $3.03

Ovid Therapeutics Inc. (NASDAQ:OVID) has been assigned an average recommendation of “Buy” from the seven ratings firms that are covering the firm, Marketbeat reports. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating on the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $3.03.

Several analysts have recently issued reports on OVID shares. HC Wainwright restated a “buy” rating and set a $3.00 target price on shares of Ovid Therapeutics in a research report on Wednesday, December 4th. Wedbush restated an “outperform” rating and set a $3.00 price objective (down from $4.00) on shares of Ovid Therapeutics in a research report on Wednesday, March 12th. Oppenheimer upgraded Ovid Therapeutics from a “market perform” rating to an “outperform” rating and set a $4.00 target price for the company in a report on Wednesday, January 29th. Finally, BTIG Research decreased their price target on Ovid Therapeutics from $5.00 to $4.00 and set a “buy” rating on the stock in a report on Monday, March 24th.

Ovid Therapeutics Stock Performance

NASDAQ:OVID opened at $0.35 on Friday. The company has a market cap of $24.88 million, a price-to-earnings ratio of -0.74 and a beta of 0.29. Ovid Therapeutics has a 1 year low of $0.35 and a 1 year high of $3.45. The stock’s 50 day simple moving average is $0.57 and its two-hundred day simple moving average is $0.90. The company has a debt-to-equity ratio of 0.18, a current ratio of 5.66 and a quick ratio of 5.66.

Ovid Therapeutics (NASDAQ:OVID) last announced its quarterly earnings results on Tuesday, March 11th. The company reported ($0.13) earnings per share for the quarter, topping the consensus estimate of ($0.16) by $0.03. Ovid Therapeutics had a negative net margin of 5,142.56% and a negative return on equity of 39.24%. The company had revenue of $0.08 million for the quarter, compared to analysts’ expectations of $0.19 million. As a group, equities analysts anticipate that Ovid Therapeutics will post -0.4 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Ovid Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of the business. XTX Topco Ltd grew its position in Ovid Therapeutics by 46.2% in the 3rd quarter. XTX Topco Ltd now owns 38,230 shares of the company’s stock valued at $45,000 after acquiring an additional 12,076 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Ovid Therapeutics by 1.1% during the third quarter. Geode Capital Management LLC now owns 1,317,330 shares of the company’s stock valued at $1,555,000 after purchasing an additional 14,816 shares during the period. Rhumbline Advisers grew its holdings in shares of Ovid Therapeutics by 22.3% in the fourth quarter. Rhumbline Advisers now owns 84,078 shares of the company’s stock worth $79,000 after purchasing an additional 15,355 shares during the last quarter. SG Americas Securities LLC increased its stake in Ovid Therapeutics by 83.9% in the 4th quarter. SG Americas Securities LLC now owns 37,636 shares of the company’s stock worth $35,000 after buying an additional 17,172 shares during the period. Finally, Kennedy Capital Management LLC lifted its holdings in Ovid Therapeutics by 1.1% during the 4th quarter. Kennedy Capital Management LLC now owns 1,545,387 shares of the company’s stock valued at $1,443,000 after buying an additional 17,402 shares in the last quarter. 72.24% of the stock is currently owned by hedge funds and other institutional investors.

About Ovid Therapeutics

Ovid Therapeutics Inc, a biopharmaceutical company, engages in the development of impactful medicines for patients and families with epilepsies and seizure-related neurological disorders in the United States. The company is developing soticlestat, a novel cholesterol 24 hydroxylase inhibitor, which is in Phase 3 clinical trials for the potential treatment of patients with resistant epilepsies; OV329, a GABA aminotransferase inhibitor which is in Phase 1 clinical trials for the treatment of seizures associated with tuberous sclerosis complex and infantile spasms; and OV350, a small molecule direct activator of the KCC2 transporter, which is in Phase 1 clinical trials for treating epilepsies.