William Blair Upgrades Ovid Therapeutics (NASDAQ:OVID) to “Strong-Buy”

Ovid Therapeutics (NASDAQ:OVID) was upgraded by stock analysts at William Blair to a “strong-buy” rating in a report released on Thursday,Zacks.com reports.

Other analysts have also recently issued research reports about the company. Oppenheimer upgraded Ovid Therapeutics from a “market perform” rating to an “outperform” rating and set a $4.00 price target for the company in a research report on Wednesday, January 29th. BTIG Research reduced their target price on shares of Ovid Therapeutics from $5.00 to $4.00 and set a “buy” rating for the company in a report on Monday, March 24th. Finally, Wedbush restated an “outperform” rating and set a $3.00 target price (down previously from $4.00) on shares of Ovid Therapeutics in a research note on Wednesday, March 12th. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Ovid Therapeutics currently has a consensus rating of “Buy” and a consensus target price of $3.03.

Ovid Therapeutics Price Performance

Shares of NASDAQ:OVID opened at $0.35 on Thursday. The company has a quick ratio of 5.66, a current ratio of 5.66 and a debt-to-equity ratio of 0.18. The stock has a market capitalization of $24.66 million, a PE ratio of -0.74 and a beta of 0.44. The firm’s 50 day moving average price is $0.40 and its 200-day moving average price is $0.78. Ovid Therapeutics has a twelve month low of $0.24 and a twelve month high of $3.45.

Ovid Therapeutics (NASDAQ:OVID) last issued its quarterly earnings results on Tuesday, March 11th. The company reported ($0.13) earnings per share for the quarter, topping the consensus estimate of ($0.16) by $0.03. The business had revenue of $0.08 million for the quarter, compared to analysts’ expectations of $0.19 million. Ovid Therapeutics had a negative net margin of 5,142.56% and a negative return on equity of 39.24%. Equities research analysts expect that Ovid Therapeutics will post -0.4 EPS for the current year.

Institutional Trading of Ovid Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. SG Americas Securities LLC grew its holdings in Ovid Therapeutics by 83.9% during the 4th quarter. SG Americas Securities LLC now owns 37,636 shares of the company’s stock valued at $35,000 after buying an additional 17,172 shares in the last quarter. Bank of America Corp DE boosted its position in shares of Ovid Therapeutics by 49.7% during the fourth quarter. Bank of America Corp DE now owns 56,733 shares of the company’s stock worth $53,000 after acquiring an additional 18,841 shares during the last quarter. Velan Capital Investment Management LP purchased a new position in Ovid Therapeutics during the fourth quarter valued at $65,000. Rhumbline Advisers increased its holdings in Ovid Therapeutics by 22.3% in the 4th quarter. Rhumbline Advisers now owns 84,078 shares of the company’s stock valued at $79,000 after acquiring an additional 15,355 shares during the last quarter. Finally, Barclays PLC increased its holdings in Ovid Therapeutics by 311.2% in the 3rd quarter. Barclays PLC now owns 84,175 shares of the company’s stock valued at $98,000 after acquiring an additional 63,702 shares during the last quarter. Institutional investors own 72.24% of the company’s stock.

Ovid Therapeutics Company Profile

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.