Ovid Therapeutics (NASDAQ:OVID) Trading 7.3% Higher – Should You Buy?

Shares of Ovid Therapeutics (NASDAQ:OVID) were up 7.3% on Wednesday . The company traded as high as $1.67 and last traded at $1.62. Approximately 2,023,762 shares changed hands during mid-day trading, an increase of 54% from the average daily volume of 1,310,932 shares. The stock had previously closed at $1.51.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on OVID shares. Leerink Partners started coverage on shares of Ovid Therapeutics in a research note on Monday, November 17th. They set an “outperform” rating and a $5.00 price target on the stock. Lifesci Capital started coverage on shares of Ovid Therapeutics in a research report on Monday, December 22nd. They set an “outperform” rating and a $4.00 target price on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $2.00 price target on shares of Ovid Therapeutics in a report on Monday, December 22nd. Wall Street Zen cut Ovid Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, January 17th. Finally, Roth Mkm assumed coverage on Ovid Therapeutics in a research report on Thursday, December 11th. They set a “buy” rating and a $3.00 price objective on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, Ovid Therapeutics presently has a consensus rating of “Buy” and an average target price of $3.88.

Ovid Therapeutics Price Performance

The stock has a 50 day moving average of $1.61 and a 200-day moving average of $1.46. The company has a current ratio of 4.24, a quick ratio of 4.24 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $115.36 million, a P/E ratio of -3.24 and a beta of 0.25.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Benin Management CORP purchased a new stake in shares of Ovid Therapeutics in the 4th quarter worth $31,000. Private Advisor Group LLC bought a new stake in shares of Ovid Therapeutics in the third quarter valued at about $33,000. Apollon Wealth Management LLC bought a new stake in shares of Ovid Therapeutics in the third quarter valued at about $36,000. Jane Street Group LLC purchased a new stake in Ovid Therapeutics in the second quarter worth about $47,000. Finally, Total Clarity Wealth Management Inc. bought a new position in Ovid Therapeutics during the 4th quarter worth about $47,000. Institutional investors own 72.24% of the company’s stock.

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.