Ovid Therapeutics (NASDAQ:OVID) Price Target Cut to $3.50

Ovid Therapeutics (NASDAQ:OVID) had its target price decreased by analysts at Citigroup from $4.00 to $3.50 in a note issued to investors on Tuesday, Benzinga reports. The firm currently has a “neutral” rating on the stock. Citigroup’s target price points to a potential upside of 13.27% from the stock’s previous close.

OVID has been the topic of a number of other reports. HC Wainwright initiated coverage on shares of Ovid Therapeutics in a research report on Monday, April 29th. They set a “buy” rating and a $9.00 price target on the stock. B. Riley initiated coverage on Ovid Therapeutics in a research note on Tuesday, April 30th. They issued a “buy” rating and a $9.00 target price for the company. Finally, Wedbush assumed coverage on Ovid Therapeutics in a report on Friday, April 5th. They set an “outperform” rating and a $8.00 price objective on the stock. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Ovid Therapeutics currently has an average rating of “Moderate Buy” and an average target price of $8.08.

Ovid Therapeutics Stock Up 3.0 %

Shares of Ovid Therapeutics stock opened at $3.09 on Tuesday. Ovid Therapeutics has a 12 month low of $2.57 and a 12 month high of $4.14. The business has a fifty day simple moving average of $3.09 and a 200 day simple moving average of $3.31. The company has a quick ratio of 9.55, a current ratio of 9.55 and a debt-to-equity ratio of 0.17. The stock has a market cap of $218.81 million, a PE ratio of -4.12 and a beta of 0.69.

Ovid Therapeutics (NASDAQ:OVID) last announced its quarterly earnings results on Friday, March 8th. The company reported ($0.22) EPS for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.05). Ovid Therapeutics had a negative net margin of 13,351.53% and a negative return on equity of 49.76%. The company had revenue of $0.14 million during the quarter, compared to the consensus estimate of $0.10 million. Research analysts predict that Ovid Therapeutics will post -0.73 EPS for the current year.

Insider Transactions at Ovid Therapeutics

In other news, CEO Jeremy M. Levin bought 18,248 shares of the stock in a transaction that occurred on Monday, March 18th. The shares were acquired at an average cost of $2.76 per share, for a total transaction of $50,364.48. Following the completion of the acquisition, the chief executive officer now owns 3,616,715 shares in the company, valued at $9,982,133.40. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 13.30% of the company’s stock.

Hedge Funds Weigh In On Ovid Therapeutics

Institutional investors have recently bought and sold shares of the business. China Universal Asset Management Co. Ltd. bought a new position in shares of Ovid Therapeutics during the 4th quarter worth approximately $26,000. Jump Financial LLC bought a new position in Ovid Therapeutics during the third quarter worth $61,000. BNP Paribas Financial Markets increased its holdings in shares of Ovid Therapeutics by 74.7% in the first quarter. BNP Paribas Financial Markets now owns 32,162 shares of the company’s stock valued at $98,000 after purchasing an additional 13,756 shares during the last quarter. SG Americas Securities LLC acquired a new stake in shares of Ovid Therapeutics during the 3rd quarter worth about $100,000. Finally, Assenagon Asset Management S.A. bought a new stake in shares of Ovid Therapeutics during the 4th quarter worth about $253,000. Institutional investors and hedge funds own 72.24% of the company’s stock.

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.