Ovid Therapeutics (OVID) Downgraded by Zacks Investment Research

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Ovid Therapeutics (NASDAQ:OVID) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Tuesday.

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. “

Other equities research analysts have also issued research reports about the company. BidaskClub lowered Ovid Therapeutics from a “buy” rating to a “hold” rating in a research report on Friday, July 27th. ValuEngine upgraded Ovid Therapeutics from a “buy” rating to a “strong-buy” rating in a research report on Thursday, August 2nd. Finally, Piper Jaffray Companies began coverage on Ovid Therapeutics in a research report on Sunday, May 20th. They set a “buy” rating and a $20.00 price objective on the stock. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company. Ovid Therapeutics presently has a consensus rating of “Hold” and an average price target of $18.08.

Shares of OVID stock opened at $6.60 on Tuesday. The firm has a market cap of $169.22 million, a P/E ratio of -1.97 and a beta of 2.05. Ovid Therapeutics has a twelve month low of $5.59 and a twelve month high of $12.44.

Ovid Therapeutics (NASDAQ:OVID) last issued its quarterly earnings data on Thursday, August 9th. The company reported ($0.53) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.60) by $0.07. analysts forecast that Ovid Therapeutics will post -2.26 earnings per share for the current fiscal year.

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

A number of institutional investors and hedge funds have recently made changes to their positions in OVID. DRW Securities LLC acquired a new position in Ovid Therapeutics during the 1st quarter worth about $108,000. California State Teachers Retirement System lifted its holdings in Ovid Therapeutics by 109.8% during the 1st quarter. California State Teachers Retirement System now owns 18,676 shares of the company’s stock worth $132,000 after buying an additional 9,776 shares during the period. Spark Investment Management LLC lifted its holdings in Ovid Therapeutics by 83.3% during the 1st quarter. Spark Investment Management LLC now owns 19,800 shares of the company’s stock worth $139,000 after buying an additional 9,000 shares during the period. Acadian Asset Management LLC lifted its holdings in Ovid Therapeutics by 165.4% during the 2nd quarter. Acadian Asset Management LLC now owns 19,729 shares of the company’s stock worth $154,000 after buying an additional 12,294 shares during the period. Finally, JPMorgan Chase & Co. lifted its holdings in Ovid Therapeutics by 482.8% during the 1st quarter. JPMorgan Chase & Co. now owns 33,006 shares of the company’s stock worth $233,000 after buying an additional 27,343 shares during the period. 28.70% of the stock is currently owned by hedge funds and other institutional investors.

About Ovid Therapeutics

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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