Ovid Therapeutics (NASDAQ:OVID) Given Average Rating of “Buy” by Brokerages

Shares of Ovid Therapeutics (NASDAQ:OVID) have been assigned an average rating of “Buy” from the ten research firms that are currently covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, seven have issued a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $3.8750.

Several analysts have recently weighed in on OVID shares. Roth Mkm began coverage on shares of Ovid Therapeutics in a research report on Thursday, December 11th. They set a “buy” rating and a $3.00 target price on the stock. Leerink Partners began coverage on shares of Ovid Therapeutics in a research note on Monday, November 17th. They set an “outperform” rating and a $5.00 price target for the company. Lifesci Capital initiated coverage on Ovid Therapeutics in a research note on Monday, December 22nd. They issued an “outperform” rating and a $4.00 price objective on the stock. Wall Street Zen cut Ovid Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday, January 17th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Ovid Therapeutics in a research note on Thursday, January 22nd.

Ovid Therapeutics Stock Down 1.2%

OVID opened at $1.63 on Friday. The company has a market capitalization of $116.07 million, a P/E ratio of -3.26 and a beta of 0.25. The company has a debt-to-equity ratio of 0.28, a current ratio of 4.24 and a quick ratio of 4.24. The firm’s fifty day moving average price is $1.62 and its two-hundred day moving average price is $1.48. Ovid Therapeutics has a fifty-two week low of $0.24 and a fifty-two week high of $2.01.

Institutional Investors Weigh In On Ovid Therapeutics

Hedge funds have recently made changes to their positions in the company. RA Capital Management L.P. bought a new position in Ovid Therapeutics during the 4th quarter valued at about $17,464,000. Affinity Asset Advisors LLC increased its holdings in shares of Ovid Therapeutics by 169.8% during the fourth quarter. Affinity Asset Advisors LLC now owns 7,150,000 shares of the company’s stock worth $11,654,000 after buying an additional 4,500,000 shares in the last quarter. Eventide Asset Management LLC bought a new position in shares of Ovid Therapeutics in the fourth quarter valued at approximately $6,985,000. ADAR1 Capital Management LLC boosted its holdings in shares of Ovid Therapeutics by 33,256.7% in the 4th quarter. ADAR1 Capital Management LLC now owns 4,285,000 shares of the company’s stock worth $6,985,000 after acquiring an additional 4,272,154 shares in the last quarter. Finally, Federated Hermes Inc. bought a new stake in Ovid Therapeutics during the 4th quarter worth approximately $5,307,000. Institutional investors and hedge funds own 72.24% of the company’s stock.

Ovid Therapeutics Company Profile

Ovid Therapeutics is a clinical-stage biopharmaceutical company focused on the development of therapies for rare neurological disorders. Founded in 2014 and headquartered in New York, the company applies a precision medicine approach to target underlying mechanisms of disease in patients with genetic conditions affecting the central nervous system. Its research platform centers on small-molecule modulators of neurotransmitter pathways to restore neural network function in disorders with high unmet medical need.

The company’s lead development candidate, OV101 (gaboxadol), is a selective extrasynaptic GABAA receptor agonist being investigated for the treatment of Angelman syndrome and Fragile X syndrome.