BTIG Research Cuts Ovid Therapeutics (NASDAQ:OVID) Price Target to $4.00

Ovid Therapeutics (NASDAQ:OVID) had its price objective lowered by BTIG Research from $5.00 to $4.00 in a report published on Monday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other brokerages have also recently issued reports on OVID. HC Wainwright reiterated a “buy” rating and issued a $3.00 price objective on shares of Ovid Therapeutics in a research note on Wednesday, December 4th. Wedbush reiterated an “outperform” rating and issued a $3.00 price target (down previously from $4.00) on shares of Ovid Therapeutics in a research note on Wednesday, March 12th. Finally, 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 report on Wednesday, January 29th. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Ovid Therapeutics currently has a consensus rating of “Buy” and an average price target of $3.03.

Ovid Therapeutics Price Performance

Shares of OVID opened at $0.41 on Monday. The company has a market cap of $28.93 million, a P/E ratio of -0.87 and a beta of 0.29. Ovid Therapeutics has a fifty-two week low of $0.40 and a fifty-two week high of $3.45. The company has a quick ratio of 5.66, a current ratio of 5.66 and a debt-to-equity ratio of 0.18. The firm’s 50 day moving average price is $0.59 and its 200 day moving average price is $0.92.

Ovid Therapeutics (NASDAQ:OVID) last posted its quarterly earnings data on Tuesday, March 11th. The company reported ($0.13) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.03. The business had revenue of $0.08 million for the quarter, compared to analyst estimates of $0.19 million. Ovid Therapeutics had a negative return on equity of 39.24% and a negative net margin of 5,142.56%. On average, research analysts forecast that Ovid Therapeutics will post -0.4 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Ovid Therapeutics

Several hedge funds have recently added to or reduced their stakes in OVID. SG Americas Securities LLC boosted its stake in Ovid Therapeutics by 83.9% in the fourth quarter. SG Americas Securities LLC now owns 37,636 shares of the company’s stock valued at $35,000 after acquiring an additional 17,172 shares in the last quarter. XTX Topco Ltd boosted its position in shares of Ovid Therapeutics by 46.2% in the 3rd quarter. XTX Topco Ltd now owns 38,230 shares of the company’s stock valued at $45,000 after purchasing an additional 12,076 shares during the period. FMR LLC increased its position in Ovid Therapeutics by 1,907.4% during the third quarter. FMR LLC now owns 50,225 shares of the company’s stock worth $59,000 after buying an additional 47,723 shares during the period. Bank of America Corp DE grew its position in shares of Ovid Therapeutics by 49.7% during the fourth quarter. Bank of America Corp DE now owns 56,733 shares of the company’s stock worth $53,000 after acquiring an additional 18,841 shares during the last quarter. Finally, Velan Capital Investment Management LP purchased a new stake in Ovid Therapeutics in the 4th quarter valued at $65,000. 72.24% of the stock is currently owned by hedge funds and other institutional investors.

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.