Velan Capital Investment Management LP Invests $65,000 in Ovid Therapeutics Inc. (NASDAQ:OVID)

Velan Capital Investment Management LP acquired a new position in Ovid Therapeutics Inc. (NASDAQ:OVID) in the 4th quarter, HoldingsChannel.com reports. The institutional investor acquired 70,000 shares of the company’s stock, valued at approximately $65,000.

Several other large investors also recently made changes to their positions in the company. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Ovid Therapeutics by 50.2% in the 4th quarter. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 943,416 shares of the company’s stock valued at $881,000 after buying an additional 315,126 shares during the period. Jacobs Levy Equity Management Inc. acquired a new stake in shares of Ovid Therapeutics in the 4th quarter valued at about $272,000. Bank of America Corp DE grew its stake in shares of Ovid Therapeutics by 49.7% in the 4th quarter. Bank of America Corp DE now owns 56,733 shares of the company’s stock valued at $53,000 after buying an additional 18,841 shares during the period. Adage Capital Partners GP L.L.C. acquired a new stake in shares of Ovid Therapeutics in the 4th quarter valued at about $934,000. Finally, Kennedy Capital Management LLC grew its stake in shares of Ovid Therapeutics by 1.1% in 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 during the period. 72.24% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

OVID has been the subject of several research reports. 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 research note on Wednesday, January 29th. William Blair upgraded Ovid Therapeutics to a “strong-buy” rating in a research note on Thursday, April 24th. Wedbush restated an “outperform” rating and issued a $3.00 target price (down from $4.00) on shares of Ovid Therapeutics in a research note on Wednesday, March 12th. Finally, BTIG Research reduced their target price on Ovid Therapeutics from $5.00 to $4.00 and set a “buy” rating for the company in a research note on Monday, March 24th. One investment analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $3.03.

Ovid Therapeutics Price Performance

OVID stock opened at $0.30 on Tuesday. The company has a market capitalization of $21.41 million, a P/E ratio of -0.64 and a beta of 0.27. The company has a debt-to-equity ratio of 0.18, a quick ratio of 5.66 and a current ratio of 5.66. Ovid Therapeutics Inc. has a 52-week low of $0.24 and a 52-week high of $3.39. The business has a 50-day simple moving average of $0.33 and a two-hundred day simple moving average of $0.68.

Ovid Therapeutics (NASDAQ:OVID) last released its quarterly earnings results on Tuesday, May 13th. The company reported ($0.14) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.14). Ovid Therapeutics had a negative return on equity of 39.24% and a negative net margin of 5,142.56%. The business had revenue of $0.13 million during the quarter, compared to the consensus estimate of $0.03 million. Research analysts expect that Ovid Therapeutics Inc. will post -0.4 EPS for the current fiscal year.

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.