Ovid Therapeutics (NASDAQ:OVID) Stock Price Up 9.9% – Should You Buy?

Ovid Therapeutics (NASDAQ:OVID) shares shot up 9.9% during trading on Wednesday. The company traded as high as $2.57 and last traded at $2.5940. 1,075,241 shares were traded during trading, a decline of 53% from the average daily volume of 2,281,596 shares. The stock had previously closed at $2.36.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Wall Street Zen upgraded shares of Ovid Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Ovid Therapeutics in a research note on Thursday, October 15th. Wolfe Research initiated coverage on Ovid Therapeutics in a report on Thursday, October 15th. They issued an “outperform” rating and a $5.00 target price on the stock. Guggenheim started coverage on Ovid Therapeutics in a research report on Tuesday, October 6th. They set a “buy” rating and a $7.00 price target on the stock. Finally, HC Wainwright increased their price objective on shares of Ovid Therapeutics from $4.00 to $5.00 and gave the stock a “buy” rating in a report on Friday, September 11th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Ovid Therapeutics presently has a consensus rating of “Moderate Buy” and an average price target of $6.00.

Ovid Therapeutics Stock Performance

The company has a debt-to-equity ratio of 0.05, a current ratio of 12.39 and a quick ratio of 12.39. The firm has a market capitalization of $462.86 million, a P/E ratio of -7.64 and a beta of 0.22. The stock’s 50 day moving average is $2.60 and its two-hundred day moving average is $2.57.

Ovid Therapeutics (NASDAQ:OVID) last posted its quarterly earnings results on Thursday, August 13th. The company reported ($0.08) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.04. The company had revenue of $0.73 million during the quarter, compared to analyst estimates of $0.02 million. As a group, equities analysts anticipate that Ovid Therapeutics will post -0.37 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Ovid Therapeutics

A number of large investors have recently bought and sold shares of the company. Spark Investment Management LLC bought a new stake in Ovid Therapeutics during the second quarter worth about $86,000. Braidwell LP bought a new position in Ovid Therapeutics during the second quarter worth $15,923,000. Two Sigma Securities LLC boosted its holdings in shares of Ovid Therapeutics by 182.3% during the 2nd quarter. Two Sigma Securities LLC now owns 71,487 shares of the company’s stock worth $192,000 after buying an additional 46,163 shares during the period. Wellington Management Group LLP acquired a new stake in Ovid Therapeutics during the second quarter worth approximately $278,000. Finally, Empowered Funds LLC acquired a new stake in Ovid Therapeutics during the second quarter worth approximately $245,000. Institutional investors and hedge funds own 72.24% of the company’s stock.

About Ovid Therapeutics

Ovid Therapeutics Inc is a clinical-stage biopharmaceutical company focused on developing medicines for epilepsies and other disorders of the central nervous system. The company’s research has concentrated on conditions with significant unmet medical needs, including rare epileptic and neurodevelopmental disorders.

Ovid’s pipeline has included soticlestat, an investigational therapy developed in collaboration with Takeda Pharmaceutical Company for developmental and epileptic encephalopathies such as Dravet syndrome and Lennox-Gastaut syndrome.