Ovid Therapeutics (NASDAQ:OVID) Cut to “Hold” at Zacks Investment Research

Zacks Investment Research cut shares of Ovid Therapeutics (NASDAQ:OVID) from a buy rating to a hold rating in a report issued on Friday, Zacks.com reports.

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 analysts have also recently commented on OVID. Cowen restated a buy rating on shares of Ovid Therapeutics in a report on Monday, July 1st. ValuEngine upgraded shares of Ovid Therapeutics from a sell rating to a hold rating in a report on Thursday, August 1st. Finally, LADENBURG THALM/SH SH restated a buy rating and set a $27.00 price target on shares of Ovid Therapeutics in a report on Thursday, May 16th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. The company presently has an average rating of Buy and a consensus target price of $12.80.

OVID stock opened at $1.93 on Friday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 5.84 and a current ratio of 5.84. The stock has a market cap of $71.97 million, a P/E ratio of -0.91 and a beta of 2.26. The firm has a 50 day simple moving average of $2.23 and a 200 day simple moving average of $2.01. Ovid Therapeutics has a 52 week low of $1.53 and a 52 week high of $7.12.

Ovid Therapeutics (NASDAQ:OVID) last posted its quarterly earnings results on Wednesday, August 7th. The company reported ($0.34) EPS for the quarter, topping the consensus estimate of ($0.42) by $0.08. Sell-side analysts predict that Ovid Therapeutics will post -1.53 EPS for the current year.

Several hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in Ovid Therapeutics by 67.8% in the second quarter. Vanguard Group Inc. now owns 1,097,614 shares of the company’s stock valued at $2,030,000 after acquiring an additional 443,490 shares during the last quarter. Renaissance Technologies LLC lifted its stake in Ovid Therapeutics by 29.8% in the second quarter. Renaissance Technologies LLC now owns 471,609 shares of the company’s stock valued at $872,000 after acquiring an additional 108,392 shares during the last quarter. Wells Fargo & Company MN lifted its stake in Ovid Therapeutics by 41.0% in the second quarter. Wells Fargo & Company MN now owns 442,604 shares of the company’s stock valued at $819,000 after acquiring an additional 128,618 shares during the last quarter. Acadian Asset Management LLC lifted its stake in Ovid Therapeutics by 37.4% in the second quarter. Acadian Asset Management LLC now owns 211,490 shares of the company’s stock valued at $392,000 after acquiring an additional 57,592 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in Ovid Therapeutics by 7.1% in the fourth quarter. Geode Capital Management LLC now owns 95,865 shares of the company’s stock valued at $231,000 after acquiring an additional 6,391 shares during the last quarter. Institutional investors and hedge funds own 32.03% of the company’s stock.

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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