Ovid Therapeutics (NASDAQ:OVID) Price Target Cut to $3.00 by Analysts at B. Riley

Ovid Therapeutics (NASDAQ:OVID) had its price target reduced by B. Riley from $9.00 to $3.00 in a research note published on Tuesday, Benzinga reports. B. Riley currently has a buy rating on the stock.

Several other research analysts have also commented on the company. Wedbush initiated coverage on Ovid Therapeutics in a report on Friday, April 5th. They set an outperform rating and a $8.00 price objective for the company. Citigroup dropped their target price on Ovid Therapeutics from $3.50 to $1.20 and set a neutral rating for the company in a research report on Tuesday. HC Wainwright dropped their target price on Ovid Therapeutics from $9.00 to $3.00 and set a buy rating for the company in a research report on Tuesday. Finally, Oppenheimer downgraded Ovid Therapeutics from an outperform rating to a market perform rating in a research report on Tuesday. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and an average price target of $4.70.

Ovid Therapeutics Price Performance

OVID stock opened at $0.79 on Tuesday. The company has a quick ratio of 10.47, a current ratio of 10.47 and a debt-to-equity ratio of 0.18. The firm has a market capitalization of $55.89 million, a PE ratio of -1.08 and a beta of 0.59. Ovid Therapeutics has a twelve month low of $0.75 and a twelve month high of $4.14. The stock has a 50-day simple moving average of $3.02 and a two-hundred day simple moving average of $3.23.

Ovid Therapeutics (NASDAQ:OVID) last issued its quarterly earnings data on Tuesday, May 14th. The company reported ($0.17) EPS for the quarter, topping the consensus estimate of ($0.23) by $0.06. Ovid Therapeutics had a negative return on equity of 53.62% and a negative net margin of 10,691.14%. The company had revenue of $0.15 million during the quarter, compared to analyst estimates of $0.11 million. On average, equities analysts predict that Ovid Therapeutics will post -0.85 EPS for the current fiscal year.

Institutional Trading of Ovid Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD lifted its position in Ovid Therapeutics by 22.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 17,396 shares of the company’s stock valued at $54,000 after purchasing an additional 3,145 shares during the last quarter. China Universal Asset Management Co. Ltd. increased its stake in shares of Ovid Therapeutics by 66.0% during the first quarter. China Universal Asset Management Co. Ltd. now owns 13,579 shares of the company’s stock valued at $41,000 after buying an additional 5,401 shares during the period. Empowered Funds LLC increased its stake in shares of Ovid Therapeutics by 8.1% during the first quarter. Empowered Funds LLC now owns 128,070 shares of the company’s stock valued at $391,000 after buying an additional 9,625 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Ovid Therapeutics by 17.2% during the third 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 period. Finally, SG Americas Securities LLC increased its stake in shares of Ovid Therapeutics by 52.7% during the fourth 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 period. 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.