Ovid Therapeutics (NASDAQ:OVID) Now Covered by Wolfe Research

Investment analysts at Wolfe Research initiated coverage on shares of Ovid Therapeutics (NASDAQ:OVID) in a report released on Thursday, MarketBeat Ratings reports. The brokerage set an “outperform” rating and a $5.00 price target on the stock. Wolfe Research’s target price would indicate a potential upside of 132.56% from the stock’s current price.

Other equities research analysts have also issued research reports about the stock. Wall Street Zen raised shares of Ovid Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday, August 15th. UBS Group restated a “buy” rating on shares of Ovid Therapeutics in a research report on Friday, September 11th. HC Wainwright raised their price target on shares of Ovid Therapeutics from $4.00 to $5.00 and gave the company a “buy” rating in a research note on Friday, September 11th. Guggenheim started coverage on shares of Ovid Therapeutics in a research note on Tuesday, October 6th. They issued a “buy” rating and a $7.00 price target on the stock. Finally, Oppenheimer lifted their price objective on Ovid Therapeutics from $7.00 to $9.00 and gave the stock an “outperform” rating in a report on Monday, August 3rd. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $6.00.

Ovid Therapeutics Price Performance

OVID traded down $0.11 during trading on Thursday, hitting $2.15. The company’s stock had a trading volume of 1,325,433 shares, compared to its average volume of 1,808,323. 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 has a twelve month low of $1.18 and a twelve month high of $3.11. The business’s fifty day simple moving average is $2.62 and its 200 day simple moving average is $2.56. The firm has a market capitalization of $419.89 million, a price-to-earnings ratio of -6.94 and a beta of 0.22.

Ovid Therapeutics (NASDAQ:OVID) last posted its quarterly earnings data on Thursday, August 13th. The company reported ($0.08) EPS for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.04. The business had revenue of $0.73 million during the quarter, compared to analysts’ expectations of $0.02 million. On average, equities research analysts forecast that Ovid Therapeutics will post -0.37 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in OVID. Jupiter Topco LLC purchased a new stake in shares of Ovid Therapeutics during the second quarter worth $55,898,000. BlackRock Inc. purchased a new position in shares of Ovid Therapeutics in the second quarter worth about $29,115,000. Janus Henderson Group PLC purchased a new position in shares of Ovid Therapeutics in the first quarter worth about $23,732,000. Affinity Asset Advisors LLC lifted its stake 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 worth $23,613,000 after buying an additional 3,486,318 shares in the last quarter. Finally, ADAR1 Capital Management LLC purchased a new position in shares of Ovid Therapeutics in the second quarter worth about $19,953,000. Hedge funds and other 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.