Ovid Therapeutics (NASDAQ:OVID) Price Target Cut to $3.00

Ovid Therapeutics (NASDAQ:OVID) had its price target reduced by equities research analysts at B. Riley from $9.00 to $3.00 in a report issued on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the stock. B. Riley’s target price suggests a potential upside of 280.76% from the stock’s current price. B. Riley also issued estimates for Ovid Therapeutics’ Q2 2024 earnings at ($0.26) EPS, Q3 2024 earnings at ($0.26) EPS, Q4 2024 earnings at ($0.16) EPS, FY2024 earnings at ($0.89) EPS, FY2025 earnings at ($0.64) EPS and FY2026 earnings at ($0.62) EPS.

OVID has been the subject of a number of other reports. Citigroup cut their price objective on shares of Ovid Therapeutics from $3.50 to $1.20 and set a “neutral” rating for the company in a research report on Tuesday. Wedbush initiated coverage on shares of Ovid Therapeutics in a report on Friday, April 5th. They issued an “outperform” rating and a $8.00 price target for the company. Oppenheimer lowered shares of Ovid Therapeutics from an “outperform” rating to a “market perform” rating in a research report on Tuesday. Finally, HC Wainwright lowered 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. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, 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 $0.79 on Tuesday. Ovid Therapeutics has a 1 year low of $0.75 and a 1 year high of $4.14. The stock’s fifty day moving average price is $2.98 and its two-hundred day moving average price is $3.21. 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 company has a market cap of $55.89 million, a P/E ratio of -1.08 and a beta of 0.58.

Ovid Therapeutics (NASDAQ:OVID) last issued its quarterly earnings data on Tuesday, May 14th. The company reported ($0.17) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.06. Ovid Therapeutics had a negative return on equity of 53.62% and a negative net margin of 10,691.14%. The business had revenue of $0.15 million for the quarter, compared to analysts’ expectations of $0.11 million. As a group, analysts expect that Ovid Therapeutics will post -0.85 EPS for the current year.

Institutional Trading of Ovid Therapeutics

A number of hedge funds have recently made changes to their positions in OVID. FFT Wealth Management LLC bought a new position in Ovid Therapeutics during the fourth quarter valued at approximately $1,274,000. Vestal Point Capital LP bought a new position in shares of Ovid Therapeutics during the 4th quarter valued at $275,000. Assenagon Asset Management S.A. bought a new position in shares of Ovid Therapeutics during the 4th quarter valued at $253,000. Jump Financial LLC purchased a new position in Ovid Therapeutics in the 3rd quarter worth $61,000. Finally, BNP Paribas Financial Markets lifted its stake in Ovid Therapeutics by 74.7% in the first 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 during the last quarter. 72.24% of the stock is owned by institutional investors.

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.