Ovid Therapeutics (NASDAQ:OVID) Rating Increased to Strong-Buy at Leerink Partnrs

Leerink Partnrs upgraded shares of Ovid Therapeutics (NASDAQ:OVID) to a strong-buy rating in a research note published on Monday,Zacks.com reports.

Several other research analysts have also issued reports on OVID. Oppenheimer initiated coverage on shares of Ovid Therapeutics in a research note on Thursday, October 9th. They issued an “outperform” rating and a $7.00 price target for the company. Wall Street Zen cut Ovid Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday. Leerink Partners started coverage on Ovid Therapeutics in a research note on Monday. They set an “outperform” rating and a $5.00 price objective for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Ovid Therapeutics in a research note on Wednesday, October 8th. Finally, B. Riley reaffirmed a “buy” rating on shares of Ovid Therapeutics in a research report on Friday, October 10th. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $3.92.

Ovid Therapeutics Stock Down 0.4%

Shares of NASDAQ:OVID opened at $1.30 on Monday. The firm has a market capitalization of $92.57 million, a P/E ratio of -2.60 and a beta of 0.31. The company has a debt-to-equity ratio of 0.28, a quick ratio of 4.24 and a current ratio of 4.24. The stock has a 50 day moving average price of $1.44 and a 200-day moving average price of $0.85. Ovid Therapeutics has a 52-week low of $0.24 and a 52-week high of $2.01.

Ovid Therapeutics (NASDAQ:OVID) last released its quarterly earnings results on Wednesday, November 12th. The company reported ($0.17) earnings per share for the quarter, missing the consensus estimate of ($0.15) by ($0.02). The firm had revenue of $0.13 million for the quarter, compared to the consensus estimate of $0.17 million. Ovid Therapeutics had a negative net margin of 550.04% and a negative return on equity of 63.79%. As a group, equities research analysts anticipate that Ovid Therapeutics will post -0.4 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Bank of America Corp DE boosted its holdings in Ovid Therapeutics by 49.7% in the fourth quarter. Bank of America Corp DE now owns 56,733 shares of the company’s stock worth $53,000 after purchasing an additional 18,841 shares during the last quarter. XTX Topco Ltd purchased a new position in shares of Ovid Therapeutics in the 1st quarter worth $29,000. Nuveen LLC bought a new stake in shares of Ovid Therapeutics in the first quarter worth $37,000. Affinity Asset Advisors LLC purchased a new stake in Ovid Therapeutics during the first quarter valued at $208,000. Finally, Adage Capital Partners GP L.L.C. increased its position in Ovid Therapeutics by 15.0% during the first quarter. Adage Capital Partners GP L.L.C. now owns 1,150,000 shares of the company’s stock valued at $359,000 after acquiring an additional 150,000 shares during the last quarter. 72.24% of the stock is 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.