HC Wainwright Reiterates Buy Rating for Ovid Therapeutics (NASDAQ:OVID)

HC Wainwright reaffirmed their buy rating on shares of Ovid Therapeutics (NASDAQ:OVID) in a research report released on Tuesday, Benzinga reports. HC Wainwright currently has a $3.00 price target on the stock.

OVID has been the subject of several other reports. Wedbush initiated coverage on Ovid Therapeutics in a research report on Friday, April 5th. They set an outperform rating and a $8.00 price objective for the company. BTIG Research cut their price target on Ovid Therapeutics from $11.00 to $5.00 and set a buy rating for the company in a report on Tuesday, June 18th. Citigroup cut their price target on Ovid Therapeutics from $3.50 to $1.20 and set a neutral rating for the company in a report on Tuesday, June 18th. B. Riley lowered their price objective on shares of Ovid Therapeutics from $9.00 to $3.00 and set a buy rating for the company in a research note on Tuesday, June 18th. Finally, Oppenheimer cut shares of Ovid Therapeutics from an outperform rating to a market perform rating in a research note on Tuesday, June 18th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $4.70.

Ovid Therapeutics Stock Down 10.3 %

Shares of NASDAQ:OVID opened at $0.77 on Tuesday. Ovid Therapeutics has a fifty-two week low of $0.68 and a fifty-two week high of $4.14. The firm’s 50-day simple moving average is $2.54 and its 200-day simple moving average is $3.04. The company has a market cap of $54.86 million, a price-to-earnings ratio of -1.06 and a beta of 0.45. The company has a quick ratio of 10.47, a current ratio of 10.47 and a debt-to-equity ratio of 0.18.

Ovid Therapeutics (NASDAQ:OVID) last announced its quarterly earnings results on Tuesday, May 14th. The company reported ($0.17) EPS for the quarter, topping the consensus estimate of ($0.23) by $0.06. The business had revenue of $0.15 million for the quarter, compared to analyst estimates of $0.11 million. Ovid Therapeutics had a negative return on equity of 53.62% and a negative net margin of 10,691.14%. As a group, equities research analysts predict that Ovid Therapeutics will post -0.81 earnings per share for the current year.

Institutional Trading of Ovid Therapeutics

Institutional investors have recently added to or reduced their stakes in the business. Connor Clark & Lunn Investment Management Ltd. boosted its position in Ovid Therapeutics by 17.2% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 81,173 shares of the company’s stock valued at $312,000 after buying an additional 11,926 shares during the last quarter. SG Americas Securities LLC boosted its position in Ovid Therapeutics by 52.7% in 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 during the last quarter. Assenagon Asset Management S.A. purchased a new position in Ovid Therapeutics in the 4th quarter valued at about $253,000. China Universal Asset Management Co. Ltd. purchased a new position in Ovid Therapeutics in the 4th quarter valued at about $26,000. Finally, FFT Wealth Management LLC purchased a new position in Ovid Therapeutics in the 4th quarter valued at about $1,274,000. 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.