Ovid Therapeutics (NASDAQ:OVID) Upgraded to Strong-Buy at Wolfe Research

Wolfe Research upgraded shares of Ovid Therapeutics (NASDAQ:OVID) to a strong-buy rating in a report released on Thursday morning,Zacks reports.

Other research analysts also recently issued research reports about the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Ovid Therapeutics in a report on Thursday. Wall Street Zen upgraded Ovid Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. Guggenheim initiated coverage on Ovid Therapeutics in a report on Tuesday, October 6th. They set a “buy” rating and a $7.00 price target on the stock. Oppenheimer raised their price target on Ovid Therapeutics from $7.00 to $9.00 and gave the company an “outperform” rating in a report on Monday, August 3rd. Finally, UBS Group restated a “buy” rating on shares of Ovid Therapeutics in a research report on Friday, September 11th. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $6.00.

Ovid Therapeutics Trading Up 3.2%

Shares of NASDAQ:OVID opened at $2.26 on Thursday. The stock has a 50 day moving average of $2.63 and a 200 day moving average of $2.56. The company has a market cap of $441.38 million, a PE ratio of -7.29 and a beta of 0.22. Ovid Therapeutics has a 12-month low of $1.18 and a 12-month high of $3.11. The company has a current ratio of 12.39, a quick ratio of 12.39 and a debt-to-equity ratio of 0.05.

Ovid Therapeutics (NASDAQ:OVID) last released its earnings results on Thursday, August 13th. The company reported ($0.08) EPS for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.04. The firm had revenue of $0.73 million for the quarter, compared to the consensus estimate of $0.02 million. As a group, equities research analysts expect that Ovid Therapeutics will post -0.37 EPS for the current year.

Institutional Investors Weigh In On Ovid Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of the stock. Spark Investment Management LLC bought a new position in shares of Ovid Therapeutics during the second quarter worth $86,000. Braidwell LP bought a new stake in Ovid Therapeutics in the 2nd quarter valued at $15,923,000. Two Sigma Securities LLC lifted its stake in Ovid Therapeutics by 182.3% in the 2nd quarter. Two Sigma Securities LLC now owns 71,487 shares of the company’s stock worth $192,000 after purchasing an additional 46,163 shares in the last quarter. Wellington Management Group LLP purchased a new stake in Ovid Therapeutics in the 2nd quarter worth $278,000. Finally, Empowered Funds LLC purchased a new stake in Ovid Therapeutics in the 2nd quarter worth $245,000. Institutional investors own 72.24% of the company’s stock.

Ovid Therapeutics Company Profile

Ovid Therapeutics Inc is a clinical-stage biopharmaceutical company focused on developing medicines for rare neurological disorders, including epilepsies and neurodevelopmental conditions. The company’s research programs are designed to address diseases with significant unmet medical needs and limited treatment options.

Ovid has developed a pipeline of investigational therapies targeting the underlying biology of neurological disorders. Its programs have included treatments for seizure disorders such as Dravet syndrome and Lennox-Gastaut syndrome, as well as potential therapies for other rare epileptic and neurodevelopmental conditions.