Ovid Therapeutics (NASDAQ:OVID) Issues Quarterly Earnings Results

Ovid Therapeutics (NASDAQ:OVID) posted its quarterly earnings data on Tuesday. The company reported ($0.13) earnings per share for the quarter, beating the consensus estimate of ($0.16) by $0.03, Zacks reports. Ovid Therapeutics had a negative return on equity of 39.24% and a negative net margin of 5,142.56%.

Ovid Therapeutics Price Performance

Shares of OVID stock traded down $0.01 during mid-day trading on Tuesday, reaching $0.48. The stock had a trading volume of 21,722 shares, compared to its average volume of 419,015. The company has a market cap of $34.16 million, a P/E ratio of -1.03 and a beta of 0.29. Ovid Therapeutics has a 12-month low of $0.47 and a 12-month high of $3.45. The business has a 50-day simple moving average of $0.69 and a 200 day simple moving average of $0.97. The company has a current ratio of 5.66, a quick ratio of 5.66 and a debt-to-equity ratio of 0.18.

Hedge Funds Weigh In On Ovid Therapeutics

A hedge fund recently raised its stake in Ovid Therapeutics stock. Bank of America Corp DE boosted its stake in Ovid Therapeutics Inc. (NASDAQ:OVID) by 49.7% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 56,733 shares of the company’s stock after buying an additional 18,841 shares during the quarter. Bank of America Corp DE owned approximately 0.08% of Ovid Therapeutics worth $53,000 as of its most recent filing with the SEC. 72.24% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently weighed in on OVID shares. Oppenheimer upgraded shares of Ovid Therapeutics from a “market perform” rating to an “outperform” rating and set a $4.00 price target for the company in a research note on Wednesday, January 29th. HC Wainwright reiterated a “buy” rating and set a $3.00 target price on shares of Ovid Therapeutics in a research note on Wednesday, December 4th. One investment analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $4.03.

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.