Ovid Therapeutics (NASDAQ:OVID) Price Target Cut to $1.20

Ovid Therapeutics (NASDAQ:OVID) had its price target reduced by investment analysts at Citigroup from $3.50 to $1.20 in a research note issued on Tuesday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Citigroup’s price objective points to a potential upside of 52.30% from the stock’s current price.

OVID has been the topic of several other research reports. HC Wainwright dropped their target price on Ovid Therapeutics from $9.00 to $3.00 and set a “buy” rating on the stock in a research report on Tuesday. Wedbush initiated coverage on Ovid Therapeutics in a report on Friday, April 5th. They set an “outperform” rating and a $8.00 price objective on the stock. Oppenheimer cut Ovid Therapeutics from an “outperform” rating to a “market perform” rating in a research report on Tuesday. Finally, B. Riley began coverage on shares of Ovid Therapeutics in a report on Tuesday, April 30th. They issued a “buy” rating and a $9.00 price target on the stock. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $4.70.

Ovid Therapeutics Stock Performance

Shares of OVID opened at $0.79 on Tuesday. Ovid Therapeutics has a 1 year low of $0.75 and a 1 year high of $4.14. The company has a debt-to-equity ratio of 0.18, a current ratio of 10.47 and a quick ratio of 10.47. The stock’s fifty day moving average price is $2.98 and its two-hundred day moving average price is $3.21. The firm has a market cap of $55.89 million, a PE ratio of -1.08 and a beta of 0.58.

Ovid Therapeutics (NASDAQ:OVID) last posted its earnings results on Tuesday, May 14th. The company reported ($0.17) earnings per share for the quarter, topping the consensus estimate of ($0.23) by $0.06. The firm had revenue of $0.15 million during the quarter, compared to the consensus estimate of $0.11 million. Ovid Therapeutics had a negative net margin of 10,691.14% and a negative return on equity of 53.62%. On average, equities research analysts forecast that Ovid Therapeutics will post -0.85 EPS for the current year.

Institutional Trading of Ovid Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of OVID. Price T Rowe Associates Inc. MD raised its position in shares of Ovid Therapeutics by 22.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,396 shares of the company’s stock valued at $54,000 after buying an additional 3,145 shares in the last quarter. China Universal Asset Management Co. Ltd. lifted its stake in Ovid Therapeutics by 66.0% during the first quarter. China Universal Asset Management Co. Ltd. now owns 13,579 shares of the company’s stock worth $41,000 after purchasing an additional 5,401 shares during the last quarter. Empowered Funds LLC lifted its stake in Ovid Therapeutics by 8.1% during the first 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. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Ovid Therapeutics by 17.2% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 81,173 shares of the company’s stock valued at $312,000 after purchasing an additional 11,926 shares during the last quarter. Finally, SG Americas Securities LLC raised its holdings in shares of Ovid Therapeutics by 52.7% during the 4th quarter. SG Americas Securities LLC now owns 39,792 shares of the company’s stock valued at $128,000 after buying an additional 13,728 shares in the last quarter. Hedge funds and other 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.