Oppenheimer Upgrades Ovid Therapeutics (NASDAQ:OVID) to “Outperform”

Ovid Therapeutics (NASDAQ:OVID) was upgraded by equities research analysts at Oppenheimer from a “market perform” rating to an “outperform” rating in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has a $4.00 price target on the stock. Oppenheimer’s price target indicates a potential upside of 437.63% from the stock’s current price.

Separately, HC Wainwright reissued a “buy” rating and set a $3.00 price objective on shares of Ovid Therapeutics in a research report on Wednesday, December 4th. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $4.03.

Ovid Therapeutics Price Performance

Shares of NASDAQ OVID traded up $0.02 during mid-day trading on Wednesday, reaching $0.74. 1,711,046 shares of the company traded hands, compared to its average volume of 468,106. Ovid Therapeutics has a fifty-two week low of $0.68 and a fifty-two week high of $4.10. The company has a debt-to-equity ratio of 0.18, a current ratio of 5.66 and a quick ratio of 5.66. The firm has a market cap of $52.83 million, a PE ratio of -1.58 and a beta of 0.34. The stock has a fifty day simple moving average of $0.96 and a 200-day simple moving average of $1.06.

Ovid Therapeutics (NASDAQ:OVID) last released its earnings results on Tuesday, November 12th. The company reported ($0.20) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.01). The firm had revenue of $0.17 million during the quarter, compared to analysts’ expectations of $0.15 million. Ovid Therapeutics had a negative return on equity of 39.24% and a negative net margin of 5,142.56%. Equities research analysts anticipate that Ovid Therapeutics will post -0.4 EPS for the current fiscal year.

Institutional Investors Weigh In On Ovid Therapeutics

Large investors have recently modified their holdings of the stock. SG Americas Securities LLC raised its stake in shares of 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 during the last quarter. XTX Topco Ltd boosted its stake in Ovid Therapeutics by 46.2% in the third quarter. XTX Topco Ltd now owns 38,230 shares of the company’s stock valued at $45,000 after acquiring an additional 12,076 shares during the last quarter. FMR LLC boosted its stake in Ovid Therapeutics by 1,907.4% in the third quarter. FMR LLC now owns 50,225 shares of the company’s stock valued at $59,000 after acquiring an additional 47,723 shares during the last quarter. Verition Fund Management LLC bought a new position in Ovid Therapeutics in the third quarter valued at approximately $88,000. Finally, Barclays PLC boosted its stake in Ovid Therapeutics by 311.2% in the third quarter. Barclays PLC now owns 84,175 shares of the company’s stock valued at $98,000 after acquiring an additional 63,702 shares during the last quarter. 72.24% of the stock is currently owned by institutional investors.

Ovid Therapeutics Company Profile

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.