Ovid Therapeutics (OVID) Stock Rating Lowered by Zacks Investment Research

Zacks Investment Research lowered shares of Ovid Therapeutics (NASDAQ:OVID) from a buy rating to a hold rating in a research note published on Saturday morning, Zacks.com reports.

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 research analysts have also issued research reports about the company. LADENBURG THALM/SH SH set a $27.00 price objective on Ovid Therapeutics and gave the company a buy rating in a research report on Friday, March 8th. Cantor Fitzgerald set a $10.00 price objective on Ovid Therapeutics and gave the company a buy rating in a research report on Monday, December 17th. JMP Securities reduced their price objective on Ovid Therapeutics from $26.00 to $11.00 and set an outperform rating for the company in a research report on Friday, March 8th. Finally, Piper Jaffray Companies reduced their price objective on Ovid Therapeutics to $14.00 and set an overweight rating for the company in a research report on Sunday, March 10th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus price target of $12.80.

NASDAQ:OVID opened at $1.83 on Friday. Ovid Therapeutics has a 12-month low of $1.66 and a 12-month high of $11.45. The company has a market cap of $70.72 million, a P/E ratio of -0.87 and a beta of 1.97.

Ovid Therapeutics (NASDAQ:OVID) last released its quarterly earnings data on Thursday, March 7th. The company reported ($0.52) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.55) by $0.03. Equities analysts forecast that Ovid Therapeutics will post -1.89 earnings per share for the current fiscal year.

In other Ovid Therapeutics news, CEO Jeremy M. Levin purchased 75,000 shares of Ovid Therapeutics stock in a transaction on Friday, February 22nd. The stock was bought at an average price of $2.00 per share, for a total transaction of $150,000.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 43.90% of the company’s stock.

Hedge funds have recently made changes to their positions in the business. Rhumbline Advisers boosted its position in Ovid Therapeutics by 47.2% during the 4th quarter. Rhumbline Advisers now owns 16,551 shares of the company’s stock worth $40,000 after acquiring an additional 5,310 shares during the period. SG Americas Securities LLC acquired a new position in Ovid Therapeutics during the 4th quarter worth $46,000. Two Sigma Investments LP acquired a new position in Ovid Therapeutics during the 4th quarter worth $114,000. JPMorgan Chase & Co. boosted its position in Ovid Therapeutics by 136.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 54,832 shares of the company’s stock worth $311,000 after acquiring an additional 31,687 shares during the period. Finally, Dimensional Fund Advisors LP acquired a new position in Ovid Therapeutics during the 3rd quarter worth $444,000. Institutional investors own 17.69% of the company’s stock.

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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