Renaissance Technologies LLC Sells 380,178 Shares of Ovid Therapeutics $OVID

Renaissance Technologies LLC lessened its stake in Ovid Therapeutics (NASDAQ:OVID) by 25.6% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,104,300 shares of the company’s stock after selling 380,178 shares during the quarter. Renaissance Technologies LLC’s holdings in Ovid Therapeutics were worth $2,452,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. State of Wyoming purchased a new position in Ovid Therapeutics during the first quarter valued at $49,000. Private Advisor Group LLC purchased a new stake in Ovid Therapeutics in the 3rd quarter worth $33,000. Total Clarity Wealth Management Inc. purchased a new stake in Ovid Therapeutics in the 4th quarter worth $47,000. LPL Financial LLC boosted its holdings in shares of Ovid Therapeutics by 150.0% during the 4th quarter. LPL Financial LLC now owns 30,000 shares of the company’s stock valued at $49,000 after purchasing an additional 18,000 shares during the last quarter. Finally, Sovereign Financial Group Inc. boosted its holdings in shares of Ovid Therapeutics by 200.0% during the 1st quarter. Sovereign Financial Group Inc. now owns 30,000 shares of the company’s stock valued at $67,000 after purchasing an additional 20,000 shares during the last quarter. Institutional investors own 72.24% of the company’s stock.

Ovid Therapeutics Stock Down 0.4%

NASDAQ OVID opened at $2.62 on Tuesday. The company has a quick ratio of 10.17, a current ratio of 10.17 and a debt-to-equity ratio of 0.06. Ovid Therapeutics has a 52 week low of $0.52 and a 52 week high of $3.11. The firm has a market capitalization of $489.00 million, a price-to-earnings ratio of -9.03 and a beta of 0.21. The company has a fifty day moving average of $2.45 and a two-hundred day moving average of $2.28.

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

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Roth Capital restated a “buy” rating and set a $7.00 price objective on shares of Ovid Therapeutics in a research report on Thursday, May 14th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Ovid Therapeutics in a research report on Friday, July 17th. B. Riley Financial reissued a “buy” rating on shares of Ovid Therapeutics in a research note on Tuesday, July 21st. Oppenheimer raised their price target on Ovid Therapeutics from $7.00 to $9.00 and gave the company an “outperform” rating in a report on Monday, August 3rd. Finally, Wedbush reaffirmed an “outperform” rating and issued a $7.00 price objective on shares of Ovid Therapeutics in a research note on Wednesday, April 15th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $5.71.

Ovid Therapeutics Company Profile

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.