Ovid Therapeutics (NASDAQ:OVID) Price Target Raised to $9.00 at Oppenheimer

Ovid Therapeutics (NASDAQ:OVID) had its price target hoisted by investment analysts at Oppenheimer from $7.00 to $9.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Oppenheimer’s target price would suggest a potential upside of 287.10% from the company’s previous close.

OVID has been the topic of several other reports. Wedbush reiterated an “outperform” rating and issued a $7.00 target price on shares of Ovid Therapeutics in a report on Wednesday, April 15th. Roth Capital reiterated a “buy” rating and issued a $7.00 price objective on shares of Ovid Therapeutics in a report on Thursday, May 14th. HC Wainwright increased their price objective on Ovid Therapeutics from $2.00 to $4.00 and gave the stock a “buy” rating in a research report on Thursday, April 9th. Wall Street Zen cut Ovid Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, July 25th. Finally, B. Riley Financial restated a “buy” rating on shares of Ovid Therapeutics in a research report on Tuesday, July 21st. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $5.38.

Ovid Therapeutics Trading Up 4.7%

NASDAQ:OVID traded up $0.10 during trading hours on Monday, hitting $2.33. The company had a trading volume of 322,959 shares, compared to its average volume of 2,535,014. Ovid Therapeutics has a 1 year low of $0.47 and a 1 year high of $3.11. The company has a market cap of $433.94 million, a P/E ratio of -7.98 and a beta of 0.21. The company has a 50-day moving average of $2.45 and a 200 day moving average of $2.24. The company has a current ratio of 10.17, a quick ratio of 10.17 and a debt-to-equity ratio of 0.06.

Ovid Therapeutics (NASDAQ:OVID) last posted its quarterly earnings results on Tuesday, May 12th. The company reported ($0.12) EPS 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%. Sell-side analysts expect that Ovid Therapeutics will post -0.5 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Bank of America Corp DE raised its holdings in shares of Ovid Therapeutics by 49.0% in the 1st quarter. Bank of America Corp DE now owns 290,432 shares of the company’s stock valued at $645,000 after buying an additional 95,532 shares during the period. Janus Henderson Group PLC acquired a new position in Ovid Therapeutics in the 1st quarter valued at about $23,732,000. Ally Bridge Group NY LLC increased its stake in Ovid Therapeutics by 57.9% during the first quarter. Ally Bridge Group NY LLC now owns 2,818,459 shares of the company’s stock worth $6,257,000 after purchasing an additional 1,033,459 shares during the period. ADAR1 Capital Management LLC boosted its stake in shares of Ovid Therapeutics by 6.0% in the first quarter. ADAR1 Capital Management LLC now owns 4,544,113 shares of the company’s stock valued at $10,088,000 after purchasing an additional 259,113 shares during the period. Finally, Affinity Asset Advisors LLC grew its holdings in shares of Ovid Therapeutics by 48.8% in the first quarter. Affinity Asset Advisors LLC now owns 10,636,318 shares of the company’s stock valued at $23,613,000 after purchasing an additional 3,486,318 shares in the last quarter. 72.24% of the stock is currently owned by hedge funds and other 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.