Ovid Therapeutics (NASDAQ:OVID) Shares Down 6.1% After Earnings Miss

by · The Markets Daily

Ovid Therapeutics (NASDAQ:OVID – Get Free Report) dropped 6.1% on Tuesday following a dissappointing earnings announcement. The stock traded as low as $2.65 and last traded at $2.6750. Approximately 350,608 shares traded hands during trading, a decline of 85% from the average daily volume of 2,305,716 shares. The stock had previously closed at $2.85.

The company reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.02).

Wall Street Analyst Weigh In

A number of research firms recently weighed in on OVID. Weiss Ratings restated a “sell (d-)” rating on shares of Ovid Therapeutics in a research report on Thursday, October 15th. Cantor Fitzgerald started coverage on shares of Ovid Therapeutics in a research note on Friday, October 9th. They issued an “overweight” rating on the stock. Guggenheim initiated coverage on Ovid Therapeutics in a report on Tuesday, October 6th. They set a “buy” rating and a $7.00 target price on the stock. UBS Group restated a “buy” rating on shares of Ovid Therapeutics in a research report on Friday, September 11th. Finally, Wall Street Zen upgraded Ovid Therapeutics from a “sell” rating to a “hold” rating in a research report on Saturday, August 15th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Ovid Therapeutics currently has an average rating of “Moderate Buy” and an average price target of $6.00.

View Our Latest Research Report on Ovid Therapeutics

Hedge Funds Weigh In On Ovid Therapeutics

A number of institutional investors have recently bought and sold shares of the company. StoneX Group Inc. purchased a new stake in shares of Ovid Therapeutics during the 3rd quarter valued at approximately $51,000. Spark Investment Management LLC acquired a new position in Ovid Therapeutics in the second quarter valued at approximately $86,000. Braidwell LP purchased a new position in Ovid Therapeutics in the second quarter worth approximately $15,923,000. Two Sigma Securities LLC grew its position in Ovid Therapeutics by 182.3% in the second quarter. Two Sigma Securities LLC now owns 71,487 shares of the company’s stock worth $192,000 after acquiring an additional 46,163 shares during the period. Finally, Wellington Management Group LLP purchased a new position in Ovid Therapeutics in the second quarter worth approximately $278,000. 72.24% of the stock is owned by hedge funds and other institutional investors.

Ovid Therapeutics Stock Performance

The firm has a 50 day simple moving average of $2.51 and a 200-day simple moving average of $2.38. The company has a debt-to-equity ratio of 0.05, a current ratio of 12.39 and a quick ratio of 12.39. The company has a market cap of $539.42 million, a price-to-earnings ratio of -8.66 and a beta of 0.24.

About Ovid Therapeutics

(Get Free Report)

Ovid Therapeutics Inc is a clinical-stage biopharmaceutical company focused on developing medicines for epilepsies and other disorders of the central nervous system. The company’s research has concentrated on conditions with significant unmet medical needs, including rare epileptic and neurodevelopmental disorders.

Ovid’s pipeline has included soticlestat, an investigational therapy developed in collaboration with Takeda Pharmaceutical Company for developmental and epileptic encephalopathies such as Dravet syndrome and Lennox-Gastaut syndrome.

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