Ovid Therapeutics’ (OVID) Buy Rating Reaffirmed at BTIG Research

Ovid Therapeutics (NASDAQ:OVID)‘s stock had its “buy” rating reissued by analysts at BTIG Research in a research report issued on Thursday,Benzinga reports. They currently have a $4.00 price target on the stock. BTIG Research’s price target would suggest a potential upside of 62.60% from the company’s previous close.

OVID has been the subject of several other research reports. Roth Mkm began coverage on shares of Ovid Therapeutics in a research report on Thursday, December 11th. They set a “buy” rating and a $3.00 price target for the company. Wedbush boosted their price objective on shares of Ovid Therapeutics from $5.00 to $7.00 and gave the company an “outperform” rating in a research report on Friday, March 20th. Lifesci Capital started coverage on shares of Ovid Therapeutics in a research note on Monday, December 22nd. They set an “outperform” rating and a $4.00 price objective for the company. Wall Street Zen upgraded shares of Ovid Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday, March 21st. Finally, HC Wainwright reissued a “buy” rating and issued a $2.00 target price on shares of Ovid Therapeutics in a research note on Monday, December 22nd. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Ovid Therapeutics presently has a consensus rating of “Buy” and a consensus price target of $4.38.

Ovid Therapeutics Stock Performance

Shares of OVID stock opened at $2.46 on Thursday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 8.97 and a current ratio of 8.97. Ovid Therapeutics has a fifty-two week low of $0.24 and a fifty-two week high of $2.72. The stock has a 50 day moving average price of $1.77 and a two-hundred day moving average price of $1.60. The company has a market capitalization of $175.18 million, a P/E ratio of -7.94 and a beta of 0.25.

Ovid Therapeutics (NASDAQ:OVID) last released its quarterly earnings data on Wednesday, March 18th. The company reported $0.06 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.16. Ovid Therapeutics had a negative return on equity of 23.98% and a negative net margin of 240.11%.The firm had revenue of $0.72 million during the quarter, compared to analyst estimates of $0.06 million. Analysts expect that Ovid Therapeutics will post -0.4 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in OVID. RA Capital Management L.P. purchased a new stake in shares of Ovid Therapeutics in the 4th quarter worth about $17,464,000. Affinity Asset Advisors LLC increased its position in shares of Ovid Therapeutics by 169.8% during the fourth quarter. Affinity Asset Advisors LLC now owns 7,150,000 shares of the company’s stock valued at $11,654,000 after buying an additional 4,500,000 shares during the period. Eventide Asset Management LLC purchased a new position in shares of Ovid Therapeutics during the fourth quarter valued at about $6,985,000. ADAR1 Capital Management LLC raised its stake in Ovid Therapeutics by 33,256.7% in the fourth quarter. ADAR1 Capital Management LLC now owns 4,285,000 shares of the company’s stock worth $6,985,000 after buying an additional 4,272,154 shares in the last quarter. Finally, Federated Hermes Inc. bought a new position in Ovid Therapeutics in the fourth quarter worth about $5,307,000. 72.24% of the stock is currently owned by institutional investors.

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.