Q3 2024 EPS Estimates for Ovid Therapeutics Inc. Reduced by Analyst (NASDAQ:OVID)

Ovid Therapeutics Inc. (NASDAQ:OVID) – Equities research analysts at William Blair cut their Q3 2024 EPS estimates for shares of Ovid Therapeutics in a research note issued to investors on Monday, July 1st. William Blair analyst T. Lugo now forecasts that the company will earn ($0.26) per share for the quarter, down from their prior estimate of ($0.22). The consensus estimate for Ovid Therapeutics’ current full-year earnings is ($0.81) per share. William Blair also issued estimates for Ovid Therapeutics’ Q4 2024 earnings at ($0.18) EPS, FY2024 earnings at ($0.83) EPS, Q1 2025 earnings at ($0.18) EPS, Q3 2025 earnings at ($0.19) EPS, Q4 2025 earnings at ($0.19) EPS and FY2025 earnings at ($0.39) EPS.

Several other equities research analysts have also weighed in on the stock. B. Riley dropped their price objective on shares of Ovid Therapeutics from $9.00 to $3.00 and set a “buy” rating on the stock in a research note on Tuesday, June 18th. Citigroup dropped their price objective on shares of Ovid Therapeutics from $3.50 to $1.20 and set a “neutral” rating on the stock in a research note on Tuesday, June 18th. HC Wainwright reiterated a “buy” rating and set a $3.00 price objective on shares of Ovid Therapeutics in a research note on Tuesday. Wedbush began coverage on shares of Ovid Therapeutics in a research note on Friday, April 5th. They set an “outperform” rating and a $8.00 price objective on the stock. Finally, Oppenheimer cut shares of Ovid Therapeutics from an “outperform” rating to a “market perform” rating in a research report on Tuesday, June 18th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $4.70.

Ovid Therapeutics Price Performance

OVID opened at $0.75 on Thursday. The firm has a market cap of $53.33 million, a price-to-earnings ratio of -1.03 and a beta of 0.44. Ovid Therapeutics has a fifty-two week low of $0.68 and a fifty-two week high of $4.14. The company’s 50-day moving average price is $2.49 and its 200 day moving average price is $3.03. The company has a quick ratio of 10.47, a current ratio of 10.47 and a debt-to-equity ratio of 0.18.

Ovid Therapeutics (NASDAQ:OVID) last released its quarterly earnings data on Tuesday, May 14th. The company reported ($0.17) earnings per share for the quarter, topping the consensus estimate of ($0.23) by $0.06. The firm had revenue of $0.15 million for the quarter, compared to analyst estimates of $0.11 million. Ovid Therapeutics had a negative net margin of 10,691.14% and a negative return on equity of 53.62%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of OVID. Connor Clark & Lunn Investment Management Ltd. grew its position in Ovid Therapeutics by 17.2% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 81,173 shares of the company’s stock worth $312,000 after purchasing an additional 11,926 shares during the last quarter. SG Americas Securities LLC boosted its holdings in shares of Ovid Therapeutics by 52.7% in the fourth quarter. SG Americas Securities LLC now owns 39,792 shares of the company’s stock valued at $128,000 after acquiring an additional 13,728 shares in the last quarter. Assenagon Asset Management S.A. bought a new position in shares of Ovid Therapeutics in the fourth quarter valued at approximately $253,000. China Universal Asset Management Co. Ltd. bought a new position in shares of Ovid Therapeutics in the fourth quarter valued at approximately $26,000. Finally, FFT Wealth Management LLC bought a new position in shares of Ovid Therapeutics in the fourth quarter valued at approximately $1,274,000. 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.