Oppenheimer Upgrades Ovid Therapeutics (NASDAQ:OVID) to “Outperform”

Ovid Therapeutics (NASDAQ:OVID) was upgraded by equities research analysts at Oppenheimer from a “market perform” rating to an “outperform” rating in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a $4.00 price target on the stock. Oppenheimer’s target price would indicate a potential upside of 437.63% from the company’s previous close.

Separately, HC Wainwright reiterated a “buy” rating and set a $3.00 target price on shares of Ovid Therapeutics in a research note on Wednesday, December 4th. One research analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $4.03.

Ovid Therapeutics Stock Up 2.2 %

Shares of OVID traded up $0.02 during midday trading on Wednesday, hitting $0.74. The stock had a trading volume of 1,711,046 shares, compared to its average volume of 468,106. The company has a 50 day simple moving average of $0.96 and a two-hundred day simple moving average of $1.06. Ovid Therapeutics has a twelve month low of $0.68 and a twelve month high of $4.10. The firm has a market cap of $52.83 million, a price-to-earnings ratio of -1.58 and a beta of 0.34. The company has a debt-to-equity ratio of 0.18, a current ratio of 5.66 and a quick ratio of 5.66.

Ovid Therapeutics (NASDAQ:OVID) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.20) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.01). Ovid Therapeutics had a negative return on equity of 39.24% and a negative net margin of 5,142.56%. The business had revenue of $0.17 million for the quarter, compared to analyst estimates of $0.15 million. On average, analysts anticipate that Ovid Therapeutics will post -0.4 EPS for the current year.

Institutional Trading of Ovid Therapeutics

A number of hedge funds have recently made changes to their positions in the company. FMR LLC raised its stake in shares of Ovid Therapeutics by 1,907.4% during the third quarter. FMR LLC now owns 50,225 shares of the company’s stock valued at $59,000 after acquiring an additional 47,723 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Ovid Therapeutics by 1.1% in the third quarter. Geode Capital Management LLC now owns 1,317,330 shares of the company’s stock valued at $1,555,000 after buying an additional 14,816 shares during the period. BNP Paribas Financial Markets increased its stake in shares of Ovid Therapeutics by 4,128.7% in the third quarter. BNP Paribas Financial Markets now owns 220,401 shares of the company’s stock valued at $260,000 after buying an additional 215,189 shares during the period. Barclays PLC increased its stake in shares of Ovid Therapeutics by 311.2% in the third quarter. Barclays PLC now owns 84,175 shares of the company’s stock valued at $98,000 after buying an additional 63,702 shares during the period. Finally, GSA Capital Partners LLP boosted its stake in shares of Ovid Therapeutics by 118.0% in the 3rd quarter. GSA Capital Partners LLP now owns 260,509 shares of the company’s stock valued at $307,000 after purchasing an additional 141,002 shares during the last quarter. 72.24% of the stock is owned by institutional investors and hedge funds.

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.