Wedbush Issues Positive Forecast for Ovid Therapeutics (NASDAQ:OVID) Stock Price

Ovid Therapeutics (NASDAQ:OVID) had its price target increased by Wedbush from $5.00 to $7.00 in a research report released on Friday,Benzinga reports. They currently have an outperform rating on the stock.

OVID has been the topic of several other research reports. Wall Street Zen lowered Ovid Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, January 17th. HC Wainwright reissued a “buy” rating and set a $2.00 price target on shares of Ovid Therapeutics in a research report on Monday, December 22nd. Roth Mkm started coverage on shares of Ovid Therapeutics in a report on Thursday, December 11th. They issued a “buy” rating and a $3.00 price target on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Ovid Therapeutics in a research note on Thursday, January 22nd. Finally, Lifesci Capital began 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 for the company. Two equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $4.38.

Ovid Therapeutics Stock Up 13.9%

Ovid Therapeutics stock opened at $2.62 on Friday. The company has a quick ratio of 4.24, a current ratio of 8.97 and a debt-to-equity ratio of 0.09. The firm has a market cap of $186.57 million, a P/E ratio of -8.45 and a beta of 0.25. The business has a fifty day moving average of $1.70 and a two-hundred day moving average of $1.57. Ovid Therapeutics has a twelve month low of $0.24 and a twelve month high of $2.72.

Ovid Therapeutics (NASDAQ:OVID) last announced its quarterly earnings results on Wednesday, March 18th. The company reported $0.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.16. The business had revenue of $0.72 million for the quarter, compared to the consensus estimate of $0.06 million. Ovid Therapeutics had a negative return on equity of 23.98% and a negative net margin of 240.11%. On average, analysts forecast that Ovid Therapeutics will post -0.4 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Ovid Therapeutics

Large investors have recently modified their holdings of the business. Benin Management CORP acquired a new position in shares of Ovid Therapeutics during the fourth quarter valued at about $31,000. Private Advisor Group LLC acquired a new stake in Ovid Therapeutics in the 3rd quarter worth approximately $33,000. Apollon Wealth Management LLC acquired a new stake in Ovid Therapeutics in the 3rd quarter worth approximately $36,000. Total Clarity Wealth Management Inc. purchased a new stake in Ovid Therapeutics during the 4th quarter worth approximately $47,000. Finally, Jane Street Group LLC purchased a new stake in Ovid Therapeutics during the 2nd quarter worth approximately $47,000. Hedge funds and other institutional investors own 72.24% of the company’s stock.

About Ovid Therapeutics

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.