Ovid Therapeutics (NASDAQ:OVID) Price Target Lowered to $3.50 at Citigroup

Ovid Therapeutics (NASDAQ:OVID) had its target price reduced by Citigroup from $4.00 to $3.50 in a report released on Tuesday, Benzinga reports. Citigroup currently has a neutral rating on the stock.

OVID has been the topic of a number of other reports. HC Wainwright initiated coverage on Ovid Therapeutics in a report on Monday, April 29th. They set a buy rating and a $9.00 price target on the stock. B. Riley started coverage on shares of Ovid Therapeutics in a research report on Tuesday, April 30th. They set a buy rating and a $9.00 price target on the stock. Finally, Wedbush began coverage on shares of Ovid Therapeutics in a report on Friday, April 5th. They issued an outperform rating and a $8.00 price objective for the company. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of Moderate Buy and an average target price of $8.08.

Ovid Therapeutics Price Performance

NASDAQ OVID opened at $3.00 on Tuesday. The company has a 50-day moving average price of $3.10 and a two-hundred day moving average price of $3.31. The stock has a market cap of $212.43 million, a price-to-earnings ratio of -4.00 and a beta of 0.69. The company has a current ratio of 9.55, a quick ratio of 9.55 and a debt-to-equity ratio of 0.17. Ovid Therapeutics has a 52 week low of $2.57 and a 52 week high of $4.14.

Ovid Therapeutics (NASDAQ:OVID) last issued its quarterly earnings data 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). Ovid Therapeutics had a negative return on equity of 49.76% and a negative net margin of 13,351.53%. The business had revenue of $0.14 million during the quarter, compared to the consensus estimate of $0.10 million. Analysts forecast that Ovid Therapeutics will post -0.73 EPS for the current year.

Insider Transactions at Ovid Therapeutics

In other Ovid Therapeutics news, CEO Jeremy M. Levin bought 18,248 shares of the business’s stock in a transaction that occurred on Monday, March 18th. The stock was acquired at an average cost 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 in the company, valued at $9,982,133.40. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 13.30% of the company’s stock.

Institutional Investors Weigh In On Ovid Therapeutics

Hedge funds have recently modified their holdings of the stock. China Universal Asset Management Co. Ltd. acquired a new stake in Ovid Therapeutics during the 4th quarter worth about $26,000. Jump Financial LLC acquired a new position in Ovid Therapeutics in the 3rd quarter worth approximately $61,000. BNP Paribas Financial Markets grew its position in Ovid Therapeutics by 74.7% during the 1st quarter. BNP Paribas Financial Markets now owns 32,162 shares of the company’s stock worth $98,000 after purchasing an additional 13,756 shares in the last quarter. SG Americas Securities LLC purchased a new stake in shares of Ovid Therapeutics in the third quarter valued at $100,000. Finally, Assenagon Asset Management S.A. acquired a new stake in shares of Ovid Therapeutics in the fourth quarter worth $253,000. 72.24% of the stock is owned by hedge funds and other institutional investors.

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.