Guggenheim Begins Coverage on Ovid Therapeutics (NASDAQ:OVID)

Stock analysts at Guggenheim assumed coverage on shares of Ovid Therapeutics (NASDAQ:OVID) in a research note issued to investors on Monday, Benzinga reports. The brokerage set a “buy” rating and a $7.00 price target on the stock. Guggenheim’s price target points to a potential upside of 198.51% from the company’s previous close.

Several other analysts have also recently commented on the stock. UBS Group reiterated a “buy” rating on shares of Ovid Therapeutics in a research report on Friday, September 11th. Oppenheimer lifted their price objective on Ovid Therapeutics from $7.00 to $9.00 and gave the stock an “outperform” rating in a research note on Monday, August 3rd. B. Riley Financial reiterated a “buy” rating on shares of Ovid Therapeutics in a report on Tuesday, July 21st. HC Wainwright increased their target price on Ovid Therapeutics from $4.00 to $5.00 and gave the company a “buy” rating in a research note on Friday, September 11th. Finally, Wall Street Zen upgraded Ovid Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday, August 15th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $6.12.

Ovid Therapeutics Trading Down 1.5%

Shares of NASDAQ OVID traded down $0.04 during mid-day trading on Monday, hitting $2.35. The company’s stock had a trading volume of 806,380 shares, compared to its average volume of 2,326,602. Ovid Therapeutics has a one year low of $1.18 and a one year high of $3.11. The company’s fifty day simple moving average is $2.65 and its 200-day simple moving average is $2.57. The company has a debt-to-equity ratio of 0.05, a current ratio of 12.39 and a quick ratio of 12.39. The stock has a market cap of $457.98 million, a price-to-earnings ratio of -7.56 and a beta of 0.22.

Ovid Therapeutics (NASDAQ:OVID) last posted its quarterly earnings results on Thursday, August 13th. The company reported ($0.08) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.04. The business had revenue of $0.73 million for the quarter, compared to the consensus estimate of $0.02 million. On average, sell-side analysts anticipate that Ovid Therapeutics will post -0.37 earnings per share for the current fiscal year.

Institutional Trading of Ovid Therapeutics

A number of large investors have recently made changes to their positions in OVID. Braidwell LP acquired a new stake in shares of Ovid Therapeutics during the second quarter worth about $15,923,000. BlackRock Inc. acquired a new position in shares of Ovid Therapeutics in the 2nd quarter valued at approximately $29,115,000. Ally Bridge Group NY LLC increased its stake in Ovid Therapeutics by 57.9% during the 1st 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 in the last quarter. Jupiter Topco LLC bought a new stake in Ovid Therapeutics during the 2nd quarter worth approximately $55,898,000. Finally, ADAR1 Capital Management LLC acquired a new stake in Ovid Therapeutics during the 2nd quarter worth approximately $19,953,000. 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.