Ovid Therapeutics (NASDAQ:OVID) Coverage Initiated by Analysts at HC Wainwright

HC Wainwright began coverage on shares of Ovid Therapeutics (NASDAQ:OVID) in a research note issued to investors on Monday morning, Marketbeat.com reports. The firm issued a buy rating and a $9.00 price objective on the stock. HC Wainwright also issued estimates for Ovid Therapeutics’ Q1 2024 earnings at ($0.22) EPS, Q2 2024 earnings at ($0.24) EPS, Q3 2024 earnings at ($0.25) EPS, Q4 2024 earnings at ($0.04) EPS, FY2024 earnings at ($0.75) EPS, Q1 2025 earnings at ($0.25) EPS, Q2 2025 earnings at ($0.24) EPS, Q3 2025 earnings at ($0.26) EPS, Q4 2025 earnings at $0.13 EPS and FY2025 earnings at ($0.62) EPS.

Separately, Wedbush initiated coverage on Ovid Therapeutics in a report on Friday, April 5th. They issued an outperform rating and a $8.00 price target for the company. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Ovid Therapeutics presently has an average rating of Buy and an average price target of $9.00.

Ovid Therapeutics Stock Up 0.3 %

Shares of NASDAQ:OVID opened at $3.06 on Monday. Ovid Therapeutics has a 1 year low of $2.57 and a 1 year high of $4.14. The business has a 50 day simple moving average of $3.15 and a two-hundred day simple moving average of $3.33. The firm has a market capitalization of $216.68 million, a PE ratio of -4.08 and a beta of 0.71. The company has a debt-to-equity ratio of 0.17, a current ratio of 9.55 and a quick ratio of 9.55.

Ovid Therapeutics (NASDAQ:OVID) last announced its quarterly earnings results on Friday, March 8th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.05). The firm had revenue of $0.14 million during the quarter, compared to analysts’ expectations of $0.10 million. Ovid Therapeutics had a negative net margin of 13,351.53% and a negative return on equity of 49.76%. On average, equities analysts predict that Ovid Therapeutics will post -0.65 EPS for the current year.

Insider Buying and Selling

In other Ovid Therapeutics news, CEO Jeremy M. Levin acquired 18,248 shares of Ovid Therapeutics stock in a transaction that occurred on Monday, March 18th. The stock was bought at an average price of $2.76 per share, with a total value of $50,364.48. Following the completion of the purchase, the chief executive officer now directly owns 3,616,715 shares of the company’s stock, valued at approximately $9,982,133.40. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 12.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Ovid Therapeutics

A number of large investors have recently bought and sold shares of the business. FFT Wealth Management LLC bought a new position in Ovid Therapeutics in the fourth quarter worth approximately $1,274,000. Assenagon Asset Management S.A. increased its position in shares of Ovid Therapeutics by 45.6% during the first quarter. Assenagon Asset Management S.A. now owns 114,265 shares of the company’s stock worth $349,000 after purchasing an additional 35,786 shares in the last quarter. Vestal Point Capital LP acquired a new position in shares of Ovid Therapeutics during the fourth quarter worth $275,000. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Ovid Therapeutics by 17.2% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 81,173 shares of the company’s stock worth $312,000 after purchasing an additional 11,926 shares in the last quarter. Finally, SG Americas Securities LLC increased its position in shares of Ovid Therapeutics by 52.7% during the fourth quarter. SG Americas Securities LLC now owns 39,792 shares of the company’s stock worth $128,000 after purchasing an additional 13,728 shares in the last quarter. Institutional investors own 72.24% of the company’s stock.

About Ovid Therapeutics

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.