Wall Street Zen Downgrades Ovid Therapeutics (NASDAQ:OVID) to Sell

Ovid Therapeutics (NASDAQ:OVID) was downgraded by research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued on Saturday.

A number of other analysts have also weighed in on OVID. Wedbush reiterated an “outperform” rating and issued a $7.00 target price on shares of Ovid Therapeutics in a research note on Wednesday, April 15th. Roth Capital reissued a “buy” rating and set a $7.00 target price on shares of Ovid Therapeutics in a research note on Thursday, May 14th. B. Riley Financial restated a “buy” rating on shares of Ovid Therapeutics in a report on Tuesday. HC Wainwright raised their price target on shares of Ovid Therapeutics from $2.00 to $4.00 and gave the stock a “buy” rating in a research note on Thursday, April 9th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Ovid Therapeutics in a report on Friday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Ovid Therapeutics has an average rating of “Moderate Buy” and a consensus price target of $5.12.

Ovid Therapeutics Stock Down 2.9%

Shares of NASDAQ OVID opened at $2.33 on Friday. Ovid Therapeutics has a 1 year low of $0.47 and a 1 year high of $3.11. The firm has a 50-day simple moving average of $2.46 and a two-hundred day simple moving average of $2.22. The company has a market cap of $434.87 million, a P/E ratio of -8.03 and a beta of 0.18. The company has a debt-to-equity ratio of 0.06, a current ratio of 10.17 and a quick ratio of 10.17.

Ovid Therapeutics (NASDAQ:OVID) last issued its quarterly earnings results on Tuesday, May 12th. The company reported ($0.12) earnings per share for the quarter, hitting the consensus estimate of ($0.12). Ovid Therapeutics had a negative return on equity of 22.51% and a negative net margin of 240.11%. Research analysts anticipate that Ovid Therapeutics will post -0.5 earnings per share for the current year.

Institutional Investors Weigh In On Ovid Therapeutics

Hedge funds have recently made changes to their positions in the company. Private Advisor Group LLC bought a new position in Ovid Therapeutics in the third quarter worth about $33,000. Jane Street Group LLC purchased a new position in shares of Ovid Therapeutics in the 2nd quarter worth approximately $47,000. Total Clarity Wealth Management Inc. bought a new position in shares of Ovid Therapeutics during the 4th quarter worth approximately $47,000. State of Wyoming purchased a new stake in Ovid Therapeutics during the first quarter valued at approximately $49,000. Finally, LPL Financial LLC boosted its stake in Ovid Therapeutics by 150.0% in the fourth quarter. LPL Financial LLC now owns 30,000 shares of the company’s stock valued at $49,000 after acquiring an additional 18,000 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 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.