Ovid Therapeutics (NASDAQ:OVID) Now Covered by Wedbush

Stock analysts at Wedbush assumed coverage on shares of Ovid Therapeutics (NASDAQ:OVID) in a report released on Friday, MarketBeat Ratings reports. The firm set an “outperform” rating and a $8.00 price target on the stock. Wedbush’s target price suggests a potential upside of 146.15% from the stock’s current price.

Separately, BTIG Research started coverage on shares of Ovid Therapeutics in a report on Thursday, December 21st. They issued a “buy” rating and a $11.00 price target on the stock.

Ovid Therapeutics Trading Up 6.6 %

Shares of NASDAQ:OVID opened at $3.25 on Friday. The company’s 50-day moving average price is $3.36 and its two-hundred day moving average price is $3.40. The company has a debt-to-equity ratio of 0.17, a current ratio of 9.55 and a quick ratio of 9.55. Ovid Therapeutics has a one year low of $2.45 and a one year high of $4.14. The stock has a market capitalization of $229.81 million, a PE ratio of -4.33 and a beta of 0.71.

Ovid Therapeutics (NASDAQ:OVID) last issued its earnings results on Friday, March 8th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.17) by ($0.05). Ovid Therapeutics had a negative net margin of 13,351.53% and a negative return on equity of 49.76%. The firm had revenue of $0.14 million during the quarter, compared to analyst estimates of $0.10 million. On average, equities analysts forecast that Ovid Therapeutics will post -0.63 EPS for the current fiscal year.

Insider Transactions at Ovid Therapeutics

In other news, CEO Jeremy M. Levin purchased 18,248 shares of Ovid Therapeutics stock in a transaction that occurred on Monday, March 18th. The shares were acquired at an average price of $2.76 per share, for a total transaction of $50,364.48. Following the transaction, the chief executive officer now owns 3,616,715 shares of the company’s stock, valued at approximately $9,982,133.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 12.60% of the company’s stock.

Institutional Trading of Ovid Therapeutics

Hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. lifted its holdings in shares of Ovid Therapeutics by 0.5% during the first quarter. BlackRock Inc. now owns 725,887 shares of the company’s stock worth $1,873,000 after purchasing an additional 3,308 shares during the period. Rhumbline Advisers increased its stake in Ovid Therapeutics by 5.1% in the third quarter. Rhumbline Advisers now owns 82,791 shares of the company’s stock valued at $318,000 after purchasing an additional 4,023 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in Ovid Therapeutics by 8.9% in the fourth quarter. Goldman Sachs Group Inc. now owns 61,795 shares of the company’s stock valued at $199,000 after purchasing an additional 5,039 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Ovid Therapeutics by 4.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 170,036 shares of the company’s stock worth $653,000 after acquiring an additional 7,389 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Ovid Therapeutics by 1.5% during the fourth quarter. Geode Capital Management LLC now owns 499,635 shares of the company’s stock worth $929,000 after acquiring an additional 7,562 shares in the last quarter. Institutional investors and hedge funds 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.