Ovid Therapeutics (NASDAQ:OVID) Earns Buy Rating from Analysts at B. Riley

Equities researchers at B. Riley initiated coverage on shares of Ovid Therapeutics (NASDAQ:OVID) in a research note issued on Tuesday, Briefing.com reports. The brokerage set a “buy” rating and a $9.00 price target on the stock. B. Riley’s price objective indicates a potential upside of 169.46% from the company’s current price.

Other equities research analysts have also recently issued research reports about the company. Wedbush started coverage on Ovid Therapeutics in a report on Friday, April 5th. They issued an “outperform” rating and a $8.00 price target for the company. HC Wainwright started coverage on Ovid Therapeutics in a report on Monday. They set a “buy” rating and a $9.00 price target for the company. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $9.00.

Ovid Therapeutics Stock Performance

NASDAQ OVID opened at $3.34 on Tuesday. The company has a debt-to-equity ratio of 0.17, a current ratio of 9.55 and a quick ratio of 9.55. The stock’s 50 day simple moving average is $3.17 and its 200-day simple moving average is $3.33. The company has a market cap of $236.51 million, a PE ratio of -4.45 and a beta of 0.71. Ovid Therapeutics has a 1-year low of $2.57 and a 1-year high of $4.14.

Ovid Therapeutics (NASDAQ:OVID) last announced its quarterly earnings data on Friday, March 8th. The company reported ($0.22) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.05). Ovid Therapeutics had a negative net margin of 13,351.53% and a negative return on equity of 49.76%. The firm had revenue of $0.14 million during the quarter, compared to analysts’ expectations of $0.10 million. As a group, equities research analysts anticipate that Ovid Therapeutics will post -0.65 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Jeremy M. Levin bought 18,248 shares of Ovid Therapeutics stock in a transaction dated Monday, March 18th. The stock was acquired at an average cost of $2.76 per share, with a total value of $50,364.48. Following the acquisition, the chief executive officer now owns 3,616,715 shares of the company’s stock, valued at $9,982,133.40. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 12.60% of the company’s stock.

Hedge Funds Weigh In On Ovid Therapeutics

A number of hedge funds have recently modified their holdings of OVID. Jump Financial LLC acquired a new position in Ovid Therapeutics in the 3rd quarter valued at about $61,000. China Universal Asset Management Co. Ltd. purchased a new position in shares of Ovid Therapeutics in the 4th quarter valued at approximately $26,000. SG Americas Securities LLC increased its holdings in shares of Ovid Therapeutics by 52.7% in the fourth quarter. SG Americas Securities LLC now owns 39,792 shares of the company’s stock valued at $128,000 after purchasing an additional 13,728 shares during the period. Assenagon Asset Management S.A. purchased a new stake in shares of Ovid Therapeutics during the fourth quarter worth approximately $253,000. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Ovid Therapeutics by 17.2% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 81,173 shares of the company’s stock worth $312,000 after purchasing an additional 11,926 shares during the period. 72.24% of the stock is currently owned by hedge funds and other institutional investors.

About Ovid Therapeutics

Ovid Therapeutics Inc, a biopharmaceutical company, engages in the development of impactful medicines for patients and families with epilepsies and seizure-related neurological disorders in the United States. The company is developing soticlestat, a novel cholesterol 24 hydroxylase inhibitor, which is in Phase 3 clinical trials for the potential treatment of patients with resistant epilepsies; OV329, a GABA aminotransferase inhibitor which is in Phase 1 clinical trials for the treatment of seizures associated with tuberous sclerosis complex and infantile spasms; and OV350, a small molecule direct activator of the KCC2 transporter, which is in Phase 1 clinical trials for treating epilepsies.