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

Zacks Investment Research upgraded shares of Ovid Therapeutics (NASDAQ:OVID) from a hold rating to a buy rating in a report issued on Saturday morning, Zacks.com reports. Zacks Investment Research currently has $2.00 price target on the stock.

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 equities research analysts also recently issued research reports about the stock. JMP Securities lowered their price objective 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. Piper Jaffray Companies lowered their price objective 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, LADENBURG THALM/SH SH set a $27.00 price objective on shares of Ovid Therapeutics and gave the stock a buy rating in a research note on Friday, March 8th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company has a consensus rating of Buy and an average target price of $12.80.

NASDAQ:OVID opened at $1.80 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 capitalization of $68.41 million, a PE ratio of -0.85 and a beta of 1.96.

Ovid Therapeutics (NASDAQ:OVID) last released 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. On average, sell-side analysts forecast that Ovid Therapeutics will post -1.89 EPS for the current year.

In related news, CEO Jeremy M. Levin acquired 75,000 shares of the stock in a transaction dated Friday, February 22nd. The shares were acquired at an average price of $2.00 per share, for a total transaction of $150,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 43.90% of the company’s stock.

Several institutional investors have recently made changes to their positions in the company. Rhumbline Advisers grew its stake in shares of Ovid Therapeutics by 47.2% in the fourth 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 last quarter. Geode Capital Management LLC grew its stake in shares of Ovid Therapeutics by 7.1% in the fourth quarter. Geode Capital Management LLC now owns 95,865 shares of the company’s stock worth $231,000 after acquiring an additional 6,391 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Ovid Therapeutics by 11.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 87,257 shares of the company’s stock worth $211,000 after buying an additional 8,995 shares in the last quarter. SG Americas Securities LLC acquired a new stake in Ovid Therapeutics during the fourth quarter worth $46,000. Finally, JPMorgan Chase & Co. boosted its stake in Ovid Therapeutics by 136.9% during the third quarter. JPMorgan Chase & Co. now owns 54,832 shares of the company’s stock worth $311,000 after buying an additional 31,687 shares in the last quarter. Institutional investors and hedge funds 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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