Ovid Therapeutics (NASDAQ:OVID) Stock Price Up 7.5% – Here’s Why

Ovid Therapeutics (NASDAQ:OVID) was up 7.5% during mid-day trading on Tuesday . The stock traded as high as $2.74 and last traded at $2.8060. Approximately 1,310,580 shares were traded during trading, a decline of 51% from the average daily volume of 2,671,597 shares. The stock had previously closed at $2.61.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on OVID. Weiss Ratings reiterated a “sell (d-)” rating on shares of Ovid Therapeutics in a research report on Tuesday, April 21st. Wall Street Zen upgraded Ovid Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, June 27th. Wedbush reaffirmed an “outperform” rating and issued a $7.00 price objective on shares of Ovid Therapeutics in a report on Wednesday, April 15th. BTIG Research reiterated a “buy” rating and set a $4.00 target price on shares of Ovid Therapeutics in a research note on Thursday, March 26th. Finally, HC Wainwright increased their target price on shares of Ovid Therapeutics from $2.00 to $4.00 and gave the stock a “buy” rating in a report on Thursday, April 9th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $5.12.

Ovid Therapeutics Stock Up 5.2%

The firm has a market cap of $512.33 million, a price-to-earnings ratio of -9.47 and a beta of 0.18. The company has a current ratio of 10.17, a quick ratio of 10.17 and a debt-to-equity ratio of 0.06. The stock has a 50-day moving average of $2.54 and a 200-day moving average of $2.14.

Ovid Therapeutics (NASDAQ:OVID) last issued its earnings results on Tuesday, May 12th. The company reported ($0.12) earnings per share for the quarter, hitting the consensus estimate of ($0.12). Ovid Therapeutics had a negative return on equity of 22.51% and a negative net margin of 240.11%. As a group, sell-side analysts forecast that Ovid Therapeutics will post -0.5 EPS for the current fiscal year.

Institutional Trading of Ovid Therapeutics

Several hedge funds have recently bought and sold shares of the company. Janus Henderson Group PLC acquired a new stake in shares of Ovid Therapeutics in the first quarter valued at approximately $23,732,000. RA Capital Management L.P. acquired a new position in shares of Ovid Therapeutics during the fourth quarter worth approximately $17,464,000. Affinity Asset Advisors LLC grew its holdings in Ovid Therapeutics by 48.8% in the 1st quarter. Affinity Asset Advisors LLC now owns 10,636,318 shares of the company’s stock worth $23,613,000 after buying an additional 3,486,318 shares in the last quarter. ADAR1 Capital Management LLC grew its holdings in Ovid Therapeutics by 6.0% in the 1st quarter. ADAR1 Capital Management LLC now owns 4,544,113 shares of the company’s stock worth $10,088,000 after buying an additional 259,113 shares in the last quarter. Finally, Eventide Asset Management LLC acquired a new stake in Ovid Therapeutics in the 4th quarter valued at approximately $6,985,000. 72.24% of the stock is currently owned by institutional investors.

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.