Ovid Therapeutics (NASDAQ:OVID) Releases Earnings Results, Beats Expectations By $0.03 EPS

Ovid Therapeutics (NASDAQ:OVID) released its quarterly earnings data on Tuesday. The company reported ($0.13) earnings per share for the quarter, topping the consensus estimate of ($0.16) by $0.03, Zacks reports. The business had revenue of $0.08 million during the quarter, compared to analyst estimates of $0.19 million. Ovid Therapeutics had a negative return on equity of 39.24% and a negative net margin of 5,142.56%.

Ovid Therapeutics Stock Performance

Shares of OVID stock opened at $0.49 on Wednesday. The company has a market capitalization of $34.79 million, a price-to-earnings ratio of -1.04 and a beta of 0.29. Ovid Therapeutics has a 1-year low of $0.46 and a 1-year high of $3.45. The company has a current ratio of 5.66, a quick ratio of 5.66 and a debt-to-equity ratio of 0.18. The stock’s fifty day simple moving average is $0.68 and its 200-day simple moving average is $0.97.

Institutional Investors Weigh In On Ovid Therapeutics

An institutional investor recently raised its position in Ovid Therapeutics stock. Bank of America Corp DE grew its holdings in Ovid Therapeutics Inc. (NASDAQ:OVID) by 49.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 56,733 shares of the company’s stock after purchasing an additional 18,841 shares during the period. Bank of America Corp DE owned about 0.08% of Ovid Therapeutics worth $53,000 as of its most recent SEC filing. Institutional investors own 72.24% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on OVID shares. HC Wainwright reaffirmed a “buy” rating and set a $3.00 target price on shares of Ovid Therapeutics in a report on Wednesday, December 4th. Oppenheimer raised shares of Ovid Therapeutics from a “market perform” rating to an “outperform” rating and set a $4.00 price objective for the company in a research note on Wednesday, January 29th. One research analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $4.03.

About Ovid Therapeutics

Ovid Therapeutics Inc, a biopharmaceutical company, engages in the development of impactful medicines for patients and families with epilepsies and seizure-related neurological disorders in the United States. The company is developing soticlestat, a novel cholesterol 24 hydroxylase inhibitor, which is in Phase 3 clinical trials for the potential treatment of patients with resistant epilepsies; OV329, a GABA aminotransferase inhibitor which is in Phase 1 clinical trials for the treatment of seizures associated with tuberous sclerosis complex and infantile spasms; and OV350, a small molecule direct activator of the KCC2 transporter, which is in Phase 1 clinical trials for treating epilepsies.