Ovid Therapeutics (NASDAQ:OVID) Earns Buy Rating from Analysts at B. Riley

B. Riley initiated coverage on shares of Ovid Therapeutics (NASDAQ:OVID) in a research note published on Tuesday, MarketBeat reports. The brokerage issued a buy rating and a $9.00 price objective on the stock. B. Riley also issued estimates for Ovid Therapeutics’ Q1 2024 earnings at ($0.26) EPS, Q2 2024 earnings at ($0.28) EPS, Q3 2024 earnings at ($0.29) EPS, Q4 2024 earnings at ($0.25) EPS, FY2024 earnings at ($1.07) EPS, FY2025 earnings at ($0.86) EPS, FY2026 earnings at ($0.85) EPS and FY2027 earnings at ($0.68) EPS.

Other research analysts also recently issued research reports about the stock. HC Wainwright assumed coverage on shares of Ovid Therapeutics in a research note on Monday. They issued a buy rating and a $9.00 price target on the stock. Wedbush started coverage on shares of Ovid Therapeutics in a research report on Friday, April 5th. They set an outperform rating and a $8.00 target price on the stock. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Ovid Therapeutics currently has a consensus rating of Buy and an average price target of $9.00.

Ovid Therapeutics Trading Down 0.3 %

Shares of NASDAQ OVID traded down $0.01 during midday trading on Tuesday, hitting $3.06. The company’s stock had a trading volume of 77,108 shares, compared to its average volume of 192,210. Ovid Therapeutics has a 12-month low of $2.57 and a 12-month high of $4.14. The company has a current ratio of 9.55, a quick ratio of 9.55 and a debt-to-equity ratio of 0.17. The firm has a market cap of $216.68 million, a P/E ratio of -4.08 and a beta of 0.69. The business’s 50 day moving average is $3.14 and its two-hundred day moving average is $3.33.

Ovid Therapeutics (NASDAQ:OVID) last announced its quarterly earnings data on Friday, March 8th. The company reported ($0.22) EPS for the quarter, missing the consensus estimate of ($0.17) by ($0.05). Ovid Therapeutics had a negative net margin of 13,351.53% and a negative return on equity of 49.76%. The business had revenue of $0.14 million during the quarter, compared to the consensus estimate of $0.10 million. As a group, equities research analysts expect that Ovid Therapeutics will post -0.73 EPS for the current year.

Insiders Place Their Bets

In other Ovid Therapeutics news, CEO Jeremy M. Levin purchased 18,248 shares of Ovid Therapeutics stock in a transaction dated Monday, March 18th. The stock was acquired at an average price of $2.76 per share, for a total transaction of $50,364.48. Following the acquisition, the chief executive officer now owns 3,616,715 shares in the company, valued at approximately $9,982,133.40. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. 12.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. FFT Wealth Management LLC purchased a new position in Ovid Therapeutics in the fourth quarter valued at about $1,274,000. Vestal Point Capital LP bought a new position in shares of Ovid Therapeutics during the 4th quarter worth approximately $275,000. Assenagon Asset Management S.A. bought a new position in shares of Ovid Therapeutics during the 4th quarter worth approximately $253,000. SG Americas Securities LLC purchased a new stake in Ovid Therapeutics during the third quarter valued at approximately $100,000. Finally, Jump Financial LLC acquired a new stake in Ovid Therapeutics in the third quarter valued at approximately $61,000. 72.24% of the stock is owned by institutional investors.

Ovid Therapeutics Company Profile

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.