Ovid Therapeutics’ (OVID) Buy Rating Reaffirmed at HC Wainwright

Ovid Therapeutics (NASDAQ:OVID)‘s stock had its “buy” rating reaffirmed by equities researchers at HC Wainwright in a note issued to investors on Monday, Benzinga reports. They presently have a $3.00 price target on the stock. HC Wainwright’s price objective would indicate a potential upside of 165.49% from the company’s current price.

OVID has been the topic of several other research reports. B. Riley cut their price objective on Ovid Therapeutics from $9.00 to $3.00 and set a “buy” rating on the stock in a research report on Tuesday, June 18th. Oppenheimer downgraded Ovid Therapeutics from an “outperform” rating to a “market perform” rating in a research report on Tuesday, June 18th. Citigroup cut their price objective on Ovid Therapeutics from $3.50 to $1.20 and set a “neutral” rating on the stock in a research report on Tuesday, June 18th. Finally, BTIG Research lowered their target price on Ovid Therapeutics from $11.00 to $5.00 and set a “buy” rating for the company in a report on Tuesday, June 18th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, Ovid Therapeutics presently has an average rating of “Moderate Buy” and a consensus price target of $4.70.

Ovid Therapeutics Stock Performance

NASDAQ OVID opened at $1.13 on Monday. The company has a market cap of $80.17 million, a P/E ratio of -1.55 and a beta of 0.44. The company has a debt-to-equity ratio of 0.18, a quick ratio of 10.47 and a current ratio of 10.47. The business’s 50 day moving average price is $1.05 and its 200-day moving average price is $2.45. Ovid Therapeutics has a fifty-two week low of $0.68 and a fifty-two week high of $4.14.

Institutional Investors Weigh In On Ovid Therapeutics

A number of hedge funds have recently made changes to their positions in the stock. Driehaus Capital Management LLC purchased a new stake in shares of Ovid Therapeutics during the 2nd quarter worth $1,077,000. FFT Wealth Management LLC lifted its stake in shares of Ovid Therapeutics by 18.2% during the 2nd quarter. FFT Wealth Management LLC now owns 489,552 shares of the company’s stock worth $377,000 after purchasing an additional 75,530 shares during the last quarter. Empowered Funds LLC lifted its stake in shares of Ovid Therapeutics by 8.1% during the 1st quarter. Empowered Funds LLC now owns 128,070 shares of the company’s stock worth $391,000 after purchasing an additional 9,625 shares during the last quarter. Assenagon Asset Management S.A. lifted its stake in shares of Ovid Therapeutics by 45.6% during the 1st 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 during the last quarter. Finally, Vestal Point Capital LP purchased a new stake in Ovid Therapeutics in the fourth quarter valued at about $275,000. 72.24% of the stock is currently 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.