Ovid Therapeutics (OVID) Upgraded to Buy by Zacks Investment Research

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Zacks Investment Research upgraded shares of Ovid Therapeutics (NASDAQ:OVID) from a hold rating to a buy rating in a report released on Friday. The firm currently has $6.25 price target on the stock.

According to Zacks, “Ovid Therapeutics Inc. is a biopharmaceutical company. It engaged in developing therapies for patients with rare neurological disorders. The company’s product pipeline consists of OV101, is currently in development for the treatment of symptoms of Angelman syndrome and Fragile X syndrome. It also involved in developing OV935 in collaboration with Takeda Pharmaceutical Company Limited for the treatment of rare epileptic encephalopathies. Ovid Therapeutics Inc. is based in New York, United States. “

Several other research firms have also recently weighed in on OVID. BidaskClub cut shares of Ovid Therapeutics from a buy rating to a hold rating in a research note on Friday, July 27th. Piper Jaffray Companies set a $20.00 price target on shares of Ovid Therapeutics and gave the company a buy rating in a research note on Sunday, August 12th. Finally, ValuEngine raised shares of Ovid Therapeutics from a sell rating to a hold rating in a research note on Tuesday, September 4th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Ovid Therapeutics currently has an average rating of Buy and a consensus target price of $17.75.

OVID stock traded down $0.41 during mid-day trading on Friday, reaching $5.15. The company’s stock had a trading volume of 24,520 shares, compared to its average volume of 72,296. The company has a market cap of $137.94 million, a price-to-earnings ratio of -1.54 and a beta of 1.15. Ovid Therapeutics has a fifty-two week low of $4.74 and a fifty-two week high of $12.44.

Ovid Therapeutics (NASDAQ:OVID) last posted its quarterly earnings results on Thursday, November 8th. The company reported ($0.53) earnings per share for the quarter, beating the consensus estimate of ($0.60) by $0.07. As a group, analysts anticipate that Ovid Therapeutics will post -2.26 earnings per share for the current year.

In other news, Director Douglas E. Williams purchased 5,000 shares of the company’s stock in a transaction dated Tuesday, August 14th. The stock was acquired at an average price of $6.49 per share, with a total value of $32,450.00. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 43.90% of the company’s stock.

Large investors have recently bought and sold shares of the stock. California State Teachers Retirement System boosted its position in shares of Ovid Therapeutics by 109.8% during the 1st quarter. California State Teachers Retirement System now owns 18,676 shares of the company’s stock worth $132,000 after purchasing an additional 9,776 shares during the period. Acadian Asset Management LLC boosted its position in shares of Ovid Therapeutics by 165.4% during the 2nd quarter. Acadian Asset Management LLC now owns 19,729 shares of the company’s stock worth $154,000 after purchasing an additional 12,294 shares during the period. JPMorgan Chase & Co. boosted its position in shares of Ovid Therapeutics by 482.8% during the 1st quarter. JPMorgan Chase & Co. now owns 33,006 shares of the company’s stock worth $233,000 after purchasing an additional 27,343 shares during the period. Millennium Management LLC purchased a new position in shares of Ovid Therapeutics during the 1st quarter worth approximately $420,000. Finally, Northern Trust Corp boosted its position in shares of Ovid Therapeutics by 81.7% during the 1st quarter. Northern Trust Corp now owns 118,430 shares of the company’s stock worth $837,000 after purchasing an additional 53,264 shares during the period. 31.06% of the stock is owned by hedge funds and other institutional investors.

About Ovid Therapeutics

Ovid Therapeutics Inc, a biopharmaceutical company, develops impactful medicines for patients and families with neurological disorders in the United States. The company is developing OV101, a drug candidate which has completed Phase II clinical trial for adults with angelman syndrome; and Phase I clinical trial for adolescents with angelman syndrome or fragile X syndrome.

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