BTIG Research Has Lowered Expectations for Ovid Therapeutics (NASDAQ:OVID) Stock Price

Ovid Therapeutics (NASDAQ:OVID) had its price objective cut by BTIG Research from $5.00 to $4.00 in a research note issued on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock.

A number of other research firms also recently issued reports on OVID. Oppenheimer raised shares of Ovid Therapeutics from a “market perform” rating to an “outperform” rating and set a $4.00 price target on the stock in a research note on Wednesday, January 29th. Wedbush restated an “outperform” rating and set a $3.00 target price (down from $4.00) on shares of Ovid Therapeutics in a research report on Wednesday, March 12th. Finally, HC Wainwright reiterated a “buy” rating and issued a $3.00 price target on shares of Ovid Therapeutics in a research report on Wednesday, December 4th. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Ovid Therapeutics has a consensus rating of “Buy” and a consensus price target of $3.03.

Ovid Therapeutics Stock Down 3.2 %

OVID opened at $0.43 on Monday. The company has a market capitalization of $30.58 million, a PE ratio of -0.92 and a beta of 0.29. The firm has a 50-day simple moving average of $0.59 and a two-hundred day simple moving average of $0.92. The company has a quick ratio of 5.66, a current ratio of 5.66 and a debt-to-equity ratio of 0.18. Ovid Therapeutics has a 52 week low of $0.42 and a 52 week high of $3.45.

Ovid Therapeutics (NASDAQ:OVID) last released its quarterly earnings results on Tuesday, March 11th. The company reported ($0.13) earnings per share for the quarter, beating the consensus estimate of ($0.16) by $0.03. The business had revenue of $0.08 million during the quarter, compared to analysts’ expectations of $0.19 million. Ovid Therapeutics had a negative return on equity of 39.24% and a negative net margin of 5,142.56%. Analysts forecast that Ovid Therapeutics will post -0.4 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of OVID. Velan Capital Investment Management LP purchased a new position in Ovid Therapeutics during the 4th quarter valued at $65,000. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Ovid Therapeutics by 50.2% during the fourth quarter. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 943,416 shares of the company’s stock valued at $881,000 after purchasing an additional 315,126 shares during the period. Jacobs Levy Equity Management Inc. purchased a new stake in shares of Ovid Therapeutics during the fourth quarter valued at $272,000. Bank of America Corp DE grew its holdings in shares of Ovid Therapeutics by 49.7% in the fourth quarter. Bank of America Corp DE now owns 56,733 shares of the company’s stock worth $53,000 after purchasing an additional 18,841 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. purchased a new position in Ovid Therapeutics in the 4th quarter worth about $934,000. Institutional investors own 72.24% of the company’s stock.

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.