Ovid Therapeutics (NASDAQ:OVID) Trading Up 7.9% – Here’s Why

Ovid Therapeutics (NASDAQ:OVID)’s stock price traded up 7.9% on Monday . The company traded as high as $0.56 and last traded at $0.56. 688,570 shares changed hands during trading, a decline of 71% from the average session volume of 2,355,539 shares. The stock had previously closed at $0.51.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. B. Riley reissued a “buy” rating and set a $3.00 target price on shares of Ovid Therapeutics in a report on Friday. Wall Street Zen raised shares of Ovid Therapeutics to a “sell” rating in a report on Friday, July 18th. HC Wainwright dropped their target price on shares of Ovid Therapeutics from $2.00 to $1.50 and set a “buy” rating on the stock in a report on Tuesday, May 27th. Finally, William Blair raised shares of Ovid Therapeutics to a “strong-buy” rating in a report on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Ovid Therapeutics presently has a consensus rating of “Moderate Buy” and an average price target of $3.10.

Ovid Therapeutics Stock Performance

The company has a debt-to-equity ratio of 0.22, a quick ratio of 4.93 and a current ratio of 4.93. The stock’s fifty day moving average is $0.41 and its two-hundred day moving average is $0.42. The firm has a market cap of $39.52 million, a price-to-earnings ratio of -1.59 and a beta of 0.20.

Ovid Therapeutics (NASDAQ:OVID) last released its quarterly earnings data on Tuesday, May 13th. The company reported ($0.14) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.14). The business had revenue of $0.13 million for the quarter, compared to analysts’ expectations of $0.03 million. Ovid Therapeutics had a negative net margin of 4,562.23% and a negative return on equity of 34.17%. On average, analysts expect that Ovid Therapeutics will post -0.4 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Ovid Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of OVID. XTX Topco Ltd bought a new position in Ovid Therapeutics in the 1st quarter valued at about $29,000. Nuveen LLC bought a new position in Ovid Therapeutics in the 1st quarter valued at about $37,000. Bank of America Corp DE grew 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 buying an additional 18,841 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new position in Ovid Therapeutics in the 2nd quarter valued at about $53,000. Finally, Velan Capital Investment Management LP bought a new position in shares of Ovid Therapeutics during the 4th quarter valued at about $65,000. 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.