Ovid Therapeutics (NASDAQ:OVID) Price Target Lowered to $4.00 at BTIG Research

Ovid Therapeutics (NASDAQ:OVID) had its price target cut by BTIG Research from $5.00 to $4.00 in a report released on Monday,Benzinga reports. They currently have a buy rating on the stock.

Several other research firms have also recently commented on OVID. Wedbush reiterated an “outperform” rating and issued a $3.00 price target (down from $4.00) on shares of Ovid Therapeutics in a report on Wednesday, March 12th. Oppenheimer upgraded Ovid Therapeutics from a “market perform” rating to an “outperform” rating and set a $4.00 price objective for the company in a report on Wednesday, January 29th. Finally, HC Wainwright restated a “buy” rating and issued a $3.00 price target on shares of Ovid Therapeutics in a report on Wednesday, December 4th. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $3.03.

Ovid Therapeutics Stock Performance

NASDAQ OVID opened at $0.41 on Monday. The business’s 50 day moving average is $0.59 and its two-hundred day moving average is $0.92. Ovid Therapeutics has a 12-month low of $0.40 and a 12-month high of $3.45. The stock has a market capitalization of $28.93 million, a price-to-earnings ratio of -0.87 and a beta of 0.29. The company has a current ratio of 5.66, a quick ratio of 5.66 and a debt-to-equity ratio of 0.18.

Ovid Therapeutics (NASDAQ:OVID) last announced its quarterly earnings results on Tuesday, March 11th. The company reported ($0.13) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.03. The business had revenue of $0.08 million during the quarter, compared to analysts’ expectations of $0.19 million. Ovid Therapeutics had a negative return on equity of 39.24% and a negative net margin of 5,142.56%. Research analysts expect that Ovid Therapeutics will post -0.4 EPS for the current year.

Hedge Funds Weigh In On Ovid Therapeutics

A number of large investors have recently bought and sold shares of the business. Velan Capital Investment Management LP acquired a new position in shares of Ovid Therapeutics during the fourth quarter valued at $65,000. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Ovid Therapeutics by 50.2% during the fourth quarter. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 943,416 shares of the company’s stock valued at $881,000 after buying an additional 315,126 shares during the last quarter. Jacobs Levy Equity Management Inc. acquired a new position in shares of Ovid Therapeutics during the fourth quarter worth approximately $272,000. Bank of America Corp DE increased its position in 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 acquiring an additional 18,841 shares during the period. Finally, Adage Capital Partners GP L.L.C. bought a new stake in Ovid Therapeutics during the 4th quarter valued at $934,000. Institutional investors own 72.24% of the company’s stock.

Ovid Therapeutics Company Profile

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.