Ovid Therapeutics (NASDAQ:OVID) Raised to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Ovid Therapeutics (NASDAQ:OVID) from a hold rating to a buy rating in a research report released on Saturday morning, Zacks.com reports. The brokerage currently has $2.00 target price on the stock.

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 issued reports on OVID. LADENBURG THALM/SH SH reissued a buy rating and set a $27.00 target price on shares of Ovid Therapeutics in a report on Thursday, May 16th. Cowen reissued a buy rating on shares of Ovid Therapeutics in a report on Monday, July 1st. Finally, ValuEngine raised Ovid Therapeutics from a sell rating to a hold rating in a report on Thursday, August 1st. One analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. Ovid Therapeutics presently has an average rating of Buy and a consensus price target of $12.80.

Shares of NASDAQ OVID opened at $2.12 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 5.84 and a quick ratio of 5.84. The stock’s fifty day moving average price is $2.24 and its two-hundred day moving average price is $2.01. Ovid Therapeutics has a one year low of $1.53 and a one year high of $7.12. The firm has a market cap of $71.97 million, a price-to-earnings ratio of -1.00 and a beta of 2.26.

Ovid Therapeutics (NASDAQ:OVID) last released its earnings results on Wednesday, August 7th. The company reported ($0.34) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.42) by $0.08. On average, equities analysts anticipate that Ovid Therapeutics will post -1.53 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Jane Street Group LLC boosted its stake in Ovid Therapeutics by 199.6% in the second quarter. Jane Street Group LLC now owns 52,309 shares of the company’s stock valued at $97,000 after buying an additional 34,850 shares in the last quarter. Paloma Partners Management Co acquired a new stake in Ovid Therapeutics in the second quarter valued at about $109,000. Dimensional Fund Advisors LP boosted its stake in Ovid Therapeutics by 11.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 87,257 shares of the company’s stock valued at $211,000 after buying an additional 8,995 shares in the last quarter. Geode Capital Management LLC boosted 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 buying an additional 6,391 shares in the last quarter. Finally, Acadian Asset Management LLC boosted its stake in Ovid Therapeutics by 445.6% in the first quarter. Acadian Asset Management LLC now owns 153,898 shares of the company’s stock valued at $272,000 after buying an additional 125,690 shares in the last quarter. 30.77% of the stock is currently owned by institutional investors.

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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