Ovid Therapeutics (NASDAQ:OVID) Announces Quarterly Earnings Results, Meets Estimates

Ovid Therapeutics (NASDAQ:OVID) announced its quarterly earnings results on Tuesday. The company reported ($0.12) earnings per share for the quarter, meeting the consensus estimate of ($0.12), FiscalAI reports. Ovid Therapeutics had a negative return on equity of 31.36% and a negative net margin of 240.11%.

Ovid Therapeutics Price Performance

Shares of NASDAQ:OVID traded up $0.02 during trading on Thursday, reaching $2.82. The stock had a trading volume of 614,468 shares, compared to its average volume of 2,630,823. The company has a debt-to-equity ratio of 0.09, a quick ratio of 8.97 and a current ratio of 8.97. The business has a fifty day moving average price of $2.46 and a 200-day moving average price of $1.87. The stock has a market cap of $371.23 million, a PE ratio of -9.71 and a beta of 0.18. Ovid Therapeutics has a 1-year low of $0.27 and a 1-year high of $3.11.

Analyst Ratings Changes

Several brokerages recently weighed in on OVID. Wall Street Zen upgraded Ovid Therapeutics from a “sell” rating to a “hold” rating in a research report on Saturday, March 21st. Weiss Ratings reiterated a “sell (d-)” rating on shares of Ovid Therapeutics in a research report on Tuesday, April 21st. Wedbush reiterated an “outperform” rating and set a $7.00 price target on shares of Ovid Therapeutics in a research report on Wednesday, April 15th. HC Wainwright lifted their price target on Ovid Therapeutics from $2.00 to $4.00 and gave the company a “buy” rating in a research report on Thursday, April 9th. Finally, Roth Mkm reiterated a “buy” rating and set a $7.00 price target on shares of Ovid Therapeutics in a research report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, Ovid Therapeutics has a consensus rating of “Moderate Buy” and a consensus target price of $5.13.

Hedge Funds Weigh In On Ovid Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in OVID. LPL Financial LLC lifted its stake in shares of Ovid Therapeutics by 150.0% in the 4th quarter. LPL Financial LLC now owns 30,000 shares of the company’s stock valued at $49,000 after purchasing an additional 18,000 shares during the last quarter. Bank of America Corp DE lifted its stake in shares of Ovid Therapeutics by 49.7% in the 4th quarter. Bank of America Corp DE now owns 56,733 shares of the company’s stock valued at $53,000 after purchasing an additional 18,841 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Ovid Therapeutics by 3.7% in the 4th quarter. Geode Capital Management LLC now owns 672,004 shares of the company’s stock valued at $1,096,000 after purchasing an additional 23,984 shares during the last quarter. Private Advisor Group LLC acquired a new position in shares of Ovid Therapeutics in the 3rd quarter valued at $33,000. Finally, Invesco Ltd. acquired a new position in shares of Ovid Therapeutics in the 4th quarter valued at $54,000. Institutional investors and hedge funds own 72.24% of the company’s stock.

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.