HC Wainwright Initiates Coverage on Ovid Therapeutics (NASDAQ:OVID)

HC Wainwright started coverage on shares of Ovid Therapeutics (NASDAQ:OVID) in a research note issued to investors on Monday, Marketbeat.com reports. The brokerage set a “buy” rating and a $9.00 price target on the stock. HC Wainwright’s price objective points to a potential upside of 195.08% from the company’s current price.

Separately, Wedbush began coverage on shares of Ovid Therapeutics in a research report on Friday, April 5th. They set an “outperform” rating and a $8.00 price target for the company. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Ovid Therapeutics has an average rating of “Buy” and an average target price of $9.00.

Ovid Therapeutics Stock Down 8.7 %

Shares of OVID opened at $3.05 on Monday. The firm has a market capitalization of $215.97 million, a P/E ratio of -4.07 and a beta of 0.71. Ovid Therapeutics has a 12-month low of $2.57 and a 12-month high of $4.14. The company has a current ratio of 9.55, a quick ratio of 9.55 and a debt-to-equity ratio of 0.17. The firm has a fifty day moving average price of $3.16 and a 200-day moving average price of $3.33.

Ovid Therapeutics (NASDAQ:OVID) last released its quarterly earnings data on Friday, March 8th. The company reported ($0.22) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.05). Ovid Therapeutics had a negative return on equity of 49.76% and a negative net margin of 13,351.53%. The business had revenue of $0.14 million during the quarter, compared to analysts’ expectations of $0.10 million. Equities research analysts expect that Ovid Therapeutics will post -0.65 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Jeremy M. Levin acquired 18,248 shares of the firm’s stock in a transaction dated Monday, March 18th. The stock was acquired at an average cost of $2.76 per share, with a total value of $50,364.48. Following the completion of the acquisition, the chief executive officer now owns 3,616,715 shares of the company’s stock, valued at $9,982,133.40. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 12.60% of the company’s stock.

Hedge Funds Weigh In On Ovid Therapeutics

A number of large investors have recently modified their holdings of the company. China Universal Asset Management Co. Ltd. grew its position in shares of Ovid Therapeutics by 66.0% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 13,579 shares of the company’s stock worth $41,000 after acquiring an additional 5,401 shares in the last quarter. Assenagon Asset Management S.A. grew its position in shares of Ovid Therapeutics by 45.6% in the 1st quarter. Assenagon Asset Management S.A. now owns 114,265 shares of the company’s stock worth $349,000 after acquiring an additional 35,786 shares in the last quarter. Vestal Point Capital LP acquired a new position in shares of Ovid Therapeutics in the 4th quarter worth approximately $275,000. FFT Wealth Management LLC acquired a new position in shares of Ovid Therapeutics in the 4th quarter worth approximately $1,274,000. Finally, SG Americas Securities LLC grew its position in shares of Ovid Therapeutics by 52.7% in the 4th quarter. SG Americas Securities LLC now owns 39,792 shares of the company’s stock worth $128,000 after acquiring an additional 13,728 shares in the last quarter. 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.