Zacks Investment Research Downgrades Ovid Therapeutics (OVID) to Hold

Zacks Investment Research cut shares of Ovid Therapeutics (NASDAQ:OVID) from a buy rating to a hold rating in a report issued on Saturday, 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. “

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

Shares of OVID opened at $1.83 on Friday. Ovid Therapeutics has a 52 week low of $1.66 and a 52 week high of $11.45. The stock has a market capitalization of $71.11 million, a P/E ratio of -0.87 and a beta of 1.96.

Ovid Therapeutics (NASDAQ:OVID) last announced its quarterly earnings results on Thursday, March 7th. The company reported ($0.52) 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 year.

In other Ovid Therapeutics news, CEO Jeremy M. Levin bought 75,000 shares of the firm’s stock in a transaction on Friday, February 22nd. The shares were purchased at an average price of $2.00 per share, for a total transaction of $150,000.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 43.90% of the company’s stock.

Several large investors have recently made changes to their positions in OVID. JPMorgan Chase & Co. grew its position in shares of 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 purchasing an additional 31,687 shares in the last quarter. Dimensional Fund Advisors LP acquired a new position in shares of Ovid Therapeutics during the 3rd quarter worth approximately $444,000. Rhumbline Advisers grew its position in shares of 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 purchasing an additional 5,310 shares in the last quarter. SG Americas Securities LLC acquired a new position in shares of Ovid Therapeutics during the 4th quarter worth approximately $46,000. Finally, Geode Capital Management LLC grew its position in shares of Ovid Therapeutics by 7.1% during the 4th quarter. Geode Capital Management LLC now owns 95,865 shares of the company’s stock worth $231,000 after purchasing an additional 6,391 shares in the last quarter. Hedge funds and other institutional investors own 17.69% of the company’s stock.

Ovid Therapeutics Company Profile

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.

Further Reading: Quiet Period Expirations

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