Ovid Therapeutics (NASDAQ:OVID) Issues Quarterly Earnings Results

Ovid Therapeutics (NASDAQ:OVID) posted its earnings results on Thursday. The company reported ($0.08) earnings per share for the quarter, topping the consensus estimate of ($0.10) by $0.02, FiscalAI reports. Ovid Therapeutics had a negative return on equity of 22.51% and a negative net margin of 240.11%.The firm had revenue of $0.73 million for the quarter, compared to analyst estimates of $0.02 million.

Ovid Therapeutics Stock Up 5.2%

Shares of NASDAQ OVID traded up $0.14 during midday trading on Thursday, reaching $2.75. The company’s stock had a trading volume of 1,509,684 shares, compared to its average volume of 2,481,947. The stock has a 50 day simple moving average of $2.46 and a 200-day simple moving average of $2.30. The company has a current ratio of 10.17, a quick ratio of 10.17 and a debt-to-equity ratio of 0.06. The stock has a market capitalization of $514.19 million, a price-to-earnings ratio of -9.50 and a beta of 0.21. Ovid Therapeutics has a fifty-two week low of $0.76 and a fifty-two week high of $3.11.

Institutional Investors Weigh In On Ovid Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Graham Capital Management L.P. bought a new stake in shares of Ovid Therapeutics during the 4th quarter worth approximately $208,000. OMERS ADMINISTRATION Corp acquired a new position in Ovid Therapeutics during the fourth quarter worth $204,000. Goldman Sachs Group Inc. raised its position in Ovid Therapeutics by 497.7% during the fourth quarter. Goldman Sachs Group Inc. now owns 170,457 shares of the company’s stock worth $278,000 after acquiring an additional 141,940 shares in the last quarter. Parkman Healthcare Partners LLC bought a new stake in Ovid Therapeutics during the third quarter worth $264,000. Finally, Integrated Wealth Concepts LLC acquired a new stake in Ovid Therapeutics in the third quarter valued at $69,000. 72.24% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Wedbush reiterated an “outperform” rating and issued a $7.00 price objective on shares of Ovid Therapeutics in a research report on Wednesday, April 15th. Oppenheimer upped their price target on shares of Ovid Therapeutics from $7.00 to $9.00 and gave the company an “outperform” rating in a report on Monday, August 3rd. Weiss Ratings restated a “sell (d-)” rating on shares of Ovid Therapeutics in a report on Friday, July 17th. B. Riley Financial reaffirmed a “buy” rating on shares of Ovid Therapeutics in a research report on Tuesday, July 21st. Finally, Wall Street Zen cut Ovid Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday, July 25th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $5.71.

About Ovid Therapeutics

Ovid Therapeutics is a clinical-stage biopharmaceutical company focused on the development of therapies for rare neurological disorders. Founded in 2014 and headquartered in New York, the company applies a precision medicine approach to target underlying mechanisms of disease in patients with genetic conditions affecting the central nervous system. Its research platform centers on small-molecule modulators of neurotransmitter pathways to restore neural network function in disorders with high unmet medical need.

The company’s lead development candidate, OV101 (gaboxadol), is a selective extrasynaptic GABAA receptor agonist being investigated for the treatment of Angelman syndrome and Fragile X syndrome.