Ovid Therapeutics (NASDAQ:OVID) Stock Picked Up by Analysts at Guggenheim

Analysts at Guggenheim initiated coverage on shares of Ovid Therapeutics (NASDAQ:OVID) in a research note issued on Tuesday, MarketBeat.com reports. The brokerage set a “buy” rating and a $7.00 price target on the stock. Guggenheim’s price objective indicates a potential upside of 196.61% from the company’s previous close.

A number of other equities research analysts also recently weighed in on the stock. Oppenheimer raised their price target on shares of Ovid Therapeutics from $7.00 to $9.00 and gave the company an “outperform” rating in a research note on Monday, August 3rd. Wall Street Zen raised shares of Ovid Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. B. Riley Financial reissued a “buy” rating on shares of Ovid Therapeutics in a research note on Tuesday, July 21st. UBS Group restated a “buy” rating on shares of Ovid Therapeutics in a research report on Friday, September 11th. Finally, Roth Capital reiterated a “buy” rating and issued a $8.00 price target on shares of Ovid Therapeutics in a research note on Thursday, September 3rd. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $6.12.

Ovid Therapeutics Stock Down 0.4%

OVID stock opened at $2.36 on Tuesday. Ovid Therapeutics has a 52 week low of $1.18 and a 52 week high of $3.11. The business has a 50-day simple moving average of $2.65 and a 200 day simple moving average of $2.57. The company has a quick ratio of 12.39, a current ratio of 12.39 and a debt-to-equity ratio of 0.05. The company has a market cap of $460.91 million, a PE ratio of -7.61 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 (EPS) for the quarter, topping the consensus estimate of ($0.12) by $0.04. The firm had revenue of $0.73 million for the quarter, compared to analyst estimates of $0.02 million. Sell-side analysts anticipate that Ovid Therapeutics will post -0.37 EPS for the current fiscal year.

Hedge Funds Weigh In On Ovid Therapeutics

Large investors have recently modified their holdings of the business. Spark Investment Management LLC bought a new stake in shares of Ovid Therapeutics in the second quarter worth $86,000. Braidwell LP acquired a new stake in Ovid Therapeutics in the second quarter valued at $15,923,000. Two Sigma Securities LLC raised its position in Ovid Therapeutics by 182.3% during 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 during the last quarter. Wellington Management Group LLP bought a new position in Ovid Therapeutics during the 2nd quarter worth $278,000. Finally, Empowered Funds LLC acquired a new position in Ovid Therapeutics during the 2nd quarter worth about $245,000. Institutional investors own 72.24% of the company’s stock.

About Ovid Therapeutics

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.