Ovid Therapeutics (NASDAQ:OVID) Posts Earnings Results

Ovid Therapeutics (NASDAQ:OVID) released its quarterly earnings results on Thursday. The company reported ($0.08) earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.02, FiscalAI reports. Ovid Therapeutics had a negative return on equity of 22.51% and a negative net margin of 240.11%.The company had revenue of $0.73 million for the quarter, compared to analyst estimates of $0.02 million.

Ovid Therapeutics Stock Performance

NASDAQ OVID traded up $0.18 on Thursday, hitting $2.80. 2,242,807 shares of the company traded hands, compared to its average volume of 2,487,138. The company has a market capitalization of $522.59 million, a price-to-earnings ratio of -9.66 and a beta of 0.21. 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 business’s 50 day moving average price is $2.46 and its 200-day moving average price is $2.30. Ovid Therapeutics has a 52-week low of $0.76 and a 52-week high of $3.11.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in OVID. LPL Financial LLC lifted its holdings in Ovid Therapeutics by 150.0% in the 4th quarter. LPL Financial LLC now owns 30,000 shares of the company’s stock worth $49,000 after purchasing an additional 18,000 shares in the last quarter. Bank of America Corp DE grew its holdings in Ovid Therapeutics by 49.7% during 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 in the last quarter. Geode Capital Management LLC raised its position in shares of Ovid Therapeutics by 3.7% during the fourth quarter. Geode Capital Management LLC now owns 672,004 shares of the company’s stock valued at $1,096,000 after buying an additional 23,984 shares during the last quarter. Private Advisor Group LLC bought a new stake in shares of Ovid Therapeutics during the third quarter valued at approximately $33,000. Finally, Invesco Ltd. purchased a new position in shares of Ovid Therapeutics in the fourth quarter worth $54,000. Institutional investors own 72.24% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on OVID shares. Wall Street Zen cut shares of Ovid Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday, July 25th. B. Riley Financial reaffirmed a “buy” rating on shares of Ovid Therapeutics in a report on Tuesday, July 21st. Roth Capital reiterated a “buy” rating and set a $7.00 target price on shares of Ovid Therapeutics in a research note on Thursday, May 14th. Wedbush reiterated an “outperform” rating and issued a $7.00 price objective on shares of Ovid Therapeutics in a report on Wednesday, April 15th. Finally, Oppenheimer boosted their price objective on shares of Ovid Therapeutics from $7.00 to $9.00 and gave the company an “outperform” rating in a report on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Ovid Therapeutics presently has a consensus rating of “Moderate Buy” and an average target price of $5.71.

About Ovid Therapeutics

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.