Eventide Asset Management LLC Takes $6.99 Million Position in Ovid Therapeutics $OVID

Eventide Asset Management LLC acquired a new stake in Ovid Therapeutics (NASDAQ:OVID) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 4,285,000 shares of the company’s stock, valued at approximately $6,985,000. Eventide Asset Management LLC owned about 6.02% of Ovid Therapeutics as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the company. Marshall Wace LLP lifted its holdings in Ovid Therapeutics by 62.3% during the 4th quarter. Marshall Wace LLP now owns 1,271,487 shares of the company’s stock worth $2,073,000 after purchasing an additional 487,834 shares during the last quarter. Affinity Asset Advisors LLC lifted its holdings in Ovid Therapeutics by 169.8% during the 4th quarter. Affinity Asset Advisors LLC now owns 7,150,000 shares of the company’s stock worth $11,654,000 after purchasing an additional 4,500,000 shares during the last quarter. AWM Investment Company Inc. acquired a new stake in Ovid Therapeutics during the 4th quarter worth approximately $1,466,000. State Street Corp lifted its holdings in Ovid Therapeutics by 21.8% during the 4th quarter. State Street Corp now owns 276,533 shares of the company’s stock worth $451,000 after purchasing an additional 49,500 shares during the last quarter. Finally, Jane Street Group LLC lifted its holdings in Ovid Therapeutics by 270.7% during the 4th quarter. Jane Street Group LLC now owns 883,867 shares of the company’s stock worth $1,441,000 after purchasing an additional 645,452 shares during the last quarter. 72.24% of the stock is owned by institutional investors and hedge funds.

Ovid Therapeutics Price Performance

Ovid Therapeutics stock opened at $2.30 on Monday. The stock’s fifty day moving average price is $2.60 and its two-hundred day moving average price is $2.04. Ovid Therapeutics has a one year low of $0.27 and a one year high of $3.11. The company has a debt-to-equity ratio of 0.06, a current ratio of 10.17 and a quick ratio of 10.17. The firm has a market cap of $429.27 million, a PE ratio of -7.93 and a beta of 0.16.

Ovid Therapeutics (NASDAQ:OVID) last posted its quarterly earnings data on Tuesday, May 12th. The company reported ($0.12) EPS for the quarter, hitting analysts’ consensus estimates of ($0.12). Ovid Therapeutics had a negative return on equity of 22.51% and a negative net margin of 240.11%. As a group, research analysts expect that Ovid Therapeutics will post -0.5 EPS for the current fiscal year.

Wall Street Analyst Weigh In

OVID has been the subject of several research reports. HC Wainwright lifted their price target on Ovid Therapeutics from $2.00 to $4.00 and gave the stock a “buy” rating in a report on Thursday, April 9th. Wall Street Zen cut Ovid Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday. BTIG Research reissued a “buy” rating and set a $4.00 price target on shares of Ovid Therapeutics in a report on Thursday, March 26th. Wedbush reissued an “outperform” rating and set a $7.00 price target on shares of Ovid Therapeutics in a report on Wednesday, April 15th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Ovid Therapeutics in a report on Tuesday, April 21st. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $5.13.

Ovid Therapeutics 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.