Ovid Therapeutics (OVID) Rating Increased to Buy at Zacks Investment Research

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Ovid Therapeutics (NASDAQ:OVID) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Saturday. The brokerage presently has a $7.25 target price on the stock. Zacks Investment Research‘s target price suggests a potential upside of 5.53% from the stock’s current price.

According to Zacks, “Ovid Therapeutics Inc. is a biopharmaceutical company. It engaged in developing therapies for patients with rare neurological disorders. The company’s product pipeline consists of OV101, is currently in development for the treatment of symptoms of Angelman syndrome and Fragile X syndrome. It also involved in developing OV935 in collaboration with Takeda Pharmaceutical Company Limited for the treatment of rare epileptic encephalopathies. Ovid Therapeutics Inc. is based in New York, United States. “

A number of other brokerages have also issued reports on OVID. ValuEngine lowered shares of Ovid Therapeutics from a “hold” rating to a “sell” rating in a research note on Wednesday, August 8th. Piper Jaffray Companies set a $20.00 target price on shares of Ovid Therapeutics and gave the company a “buy” rating in a research note on Sunday, August 12th. Finally, BidaskClub lowered shares of Ovid Therapeutics from a “buy” rating to a “hold” rating in a research note on Friday, July 27th. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company’s stock. Ovid Therapeutics has an average rating of “Buy” and an average price target of $18.08.

OVID stock opened at $6.87 on Friday. Ovid Therapeutics has a fifty-two week low of $5.59 and a fifty-two week high of $12.44. The firm has a market capitalization of $151.73 million, a P/E ratio of -2.05 and a beta of 2.05.

Ovid Therapeutics (NASDAQ:OVID) last posted its quarterly earnings data on Thursday, August 9th. The company reported ($0.53) EPS for the quarter, topping the consensus estimate of ($0.60) by $0.07. research analysts predict that Ovid Therapeutics will post -2.51 EPS for the current year.

In related news, Director Douglas E. Williams bought 5,000 shares of the stock in a transaction dated Tuesday, August 14th. The stock was purchased at an average cost of $6.49 per share, with a total value of $32,450.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 43.90% of the stock is currently owned by insiders.

Several hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. raised its holdings in shares of Ovid Therapeutics by 8.9% in the second quarter. BlackRock Inc. now owns 1,478,855 shares of the company’s stock valued at $11,534,000 after acquiring an additional 120,396 shares in the last quarter. Cowen Inc. acquired a new position in shares of Ovid Therapeutics during the second quarter valued at about $5,169,000. Northern Trust Corp increased its holdings in shares of Ovid Therapeutics by 81.7% during the first quarter. Northern Trust Corp now owns 118,430 shares of the company’s stock valued at $837,000 after acquiring an additional 53,264 shares in the last quarter. Millennium Management LLC purchased a new stake in Ovid Therapeutics in the first quarter valued at approximately $420,000. Finally, Schwab Charles Investment Management Inc. boosted its position in Ovid Therapeutics by 67.2% in the first quarter. Schwab Charles Investment Management Inc. now owns 34,295 shares of the company’s stock valued at $243,000 after buying an additional 13,785 shares during the last quarter. Hedge funds and other institutional investors own 27.62% of the company’s stock.

Ovid Therapeutics Company Profile

Ovid Therapeutics Inc, a biopharmaceutical company, develops impactful medicines for patients and families with neurological disorders in the United States. The company is developing OV101, a drug candidate which has completed Phase II clinical trial for adults with angelman syndrome; and Phase I clinical trial for adolescents with angelman syndrome or fragile X syndrome.

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