Ovid Therapeutics (NASDAQ:OVID) Posts Quarterly Earnings Results, Beats Expectations By $0.04 EPS

Ovid Therapeutics (NASDAQ:OVID) released its quarterly earnings results on Thursday. The company reported ($0.08) earnings per share for the quarter, topping the consensus estimate of ($0.12) by $0.04, FiscalAI reports. The company had revenue of $0.73 million for the quarter, compared to analysts’ expectations of $0.02 million. Ovid Therapeutics had a negative return on equity of 27.69% and a negative net margin of 240.11%.

Ovid Therapeutics Stock Performance

Shares of OVID stock opened at $2.83 on Friday. The stock has a market capitalization of $528.19 million, a PE ratio of -9.13 and a beta of 0.21. The business’s 50 day simple moving average is $2.48 and its 200 day simple moving average is $2.31. 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 has a one year low of $0.81 and a one year high of $3.11.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of OVID. Invesco Ltd. bought a new stake in shares of Ovid Therapeutics in the 4th quarter valued at $54,000. ADAR1 Capital Management LLC raised its stake in Ovid Therapeutics by 33,256.7% during the fourth quarter. ADAR1 Capital Management LLC now owns 4,285,000 shares of the company’s stock worth $6,985,000 after buying an additional 4,272,154 shares during the last quarter. Quadrature Capital Ltd raised its stake in Ovid Therapeutics by 217.2% during the fourth quarter. Quadrature Capital Ltd now owns 87,874 shares of the company’s stock worth $143,000 after buying an additional 60,171 shares during the last quarter. Millennium Management LLC lifted its holdings in Ovid Therapeutics by 35.8% in the fourth quarter. Millennium Management LLC now owns 1,339,465 shares of the company’s stock valued at $2,183,000 after buying an additional 353,172 shares during the period. Finally, Ally Bridge Group NY LLC acquired a new position in Ovid Therapeutics in the fourth quarter valued at $2,910,000. Institutional investors and hedge funds own 72.24% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on OVID. Wall Street Zen upgraded shares of Ovid Therapeutics from a “sell” rating to a “hold” rating in a research report on Saturday. Weiss Ratings restated a “sell (d-)” rating on shares of Ovid Therapeutics in a research report on Friday, July 17th. B. Riley Financial reaffirmed a “buy” rating on shares of Ovid Therapeutics in a research note on Tuesday, July 21st. Roth Capital reiterated a “buy” rating and set a $7.00 price target on shares of Ovid Therapeutics in a report on Thursday, May 14th. Finally, Oppenheimer boosted their price objective on shares of Ovid Therapeutics from $7.00 to $9.00 and gave the stock an “outperform” rating in a research note on Monday, August 3rd. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $5.71.

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.