Ovid Therapeutics (NASDAQ:OVID) Rating Increased to Buy at Zacks Investment Research

Ovid Therapeutics (NASDAQ:OVID) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Saturday, Zacks.com reports. The brokerage presently has a $2.00 target price on the stock. Zacks Investment Research‘s price objective points to a potential upside of 3.63% from the stock’s current price.

According to Zacks, “Ovid Therapeutics Inc. is a biopharmaceutical company. It engaged in developing therapies for patients with rare neurological disorders. The company’s product pipeline consists of OV101, is currently in development for the treatment of symptoms of Angelman syndrome and Fragile X syndrome. It also involved in developing OV935 in collaboration with Takeda Pharmaceutical Company Limited for the treatment of rare epileptic encephalopathies. Ovid Therapeutics Inc. is based in New York, United States. “

OVID has been the topic of a number of other reports. LADENBURG THALM/SH SH restated a “buy” rating and set a $27.00 target price on shares of Ovid Therapeutics in a report on Thursday, May 16th. ValuEngine upgraded shares of Ovid Therapeutics from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. Finally, Cowen reiterated a “buy” rating on shares of Ovid Therapeutics in a report on Monday, July 1st. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. Ovid Therapeutics presently has a consensus rating of “Buy” and an average price target of $12.80.

Shares of OVID opened at $1.93 on Friday. The company has a market cap of $71.97 million, a price-to-earnings ratio of -0.91 and a beta of 2.26. Ovid Therapeutics has a 1-year low of $1.53 and a 1-year high of $7.12. The company’s fifty day simple moving average is $2.23 and its 200 day simple moving average is $2.01. The company has a current ratio of 5.84, a quick ratio of 5.84 and a debt-to-equity ratio of 0.01.

Ovid Therapeutics (NASDAQ:OVID) last issued its earnings results on Wednesday, August 7th. The company reported ($0.34) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.42) by $0.08. As a group, research analysts forecast that Ovid Therapeutics will post -1.53 earnings per share for the current year.

Several large investors have recently added to or reduced their stakes in OVID. Vanguard Group Inc. increased its holdings in shares of Ovid Therapeutics by 67.8% in the second quarter. Vanguard Group Inc. now owns 1,097,614 shares of the company’s stock valued at $2,030,000 after purchasing an additional 443,490 shares during the last quarter. Wells Fargo & Company MN increased its holdings in shares of Ovid Therapeutics by 41.0% in the second quarter. Wells Fargo & Company MN now owns 442,604 shares of the company’s stock valued at $819,000 after purchasing an additional 128,618 shares during the last quarter. Acadian Asset Management LLC increased its holdings in shares of Ovid Therapeutics by 445.6% in the first quarter. Acadian Asset Management LLC now owns 153,898 shares of the company’s stock valued at $272,000 after purchasing an additional 125,690 shares during the last quarter. Renaissance Technologies LLC increased its holdings in shares of Ovid Therapeutics by 29.8% in the second quarter. Renaissance Technologies LLC now owns 471,609 shares of the company’s stock valued at $872,000 after purchasing an additional 108,392 shares during the last quarter. Finally, Paloma Partners Management Co acquired a new position in shares of Ovid Therapeutics in the second quarter valued at $109,000. Hedge funds and other institutional investors own 32.03% of the company’s stock.

Ovid Therapeutics Company Profile

Ovid Therapeutics Inc, a biopharmaceutical company, develops impactful medicines for patients and families with neurological disorders in the United States. The company is developing OV101, a drug candidate, which has completed Phase II clinical trial for adults with angelman syndrome; and Phase I clinical trial for adolescents with angelman syndrome or fragile X syndrome.

Featured Article: When can a hold rating present a buying opportunity?

Get a free copy of the Zacks research report on Ovid Therapeutics (OVID)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Ovid Therapeutics (NASDAQ:OVID)

Receive News & Ratings for Ovid Therapeutics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ovid Therapeutics and related companies with MarketBeat.com's FREE daily email newsletter.