Ovid Therapeutics Analysts Set Average Price Target at $3.92

Shares of Ovid Therapeutics (NASDAQ:OVID) have garnered an average recommendation of “Buy” from nine brokerages covering the stock, according to Marketbeat. The consensus price target for the stock is approximately $3.92, reflecting a mix of ratings among analysts. While one analyst has issued a sell rating, six have rated the stock as a buy, and two have provided a strong buy rating.

Recent evaluations by various research firms highlight the ongoing interest in Ovid Therapeutics. On October 10, 2023, B. Riley reaffirmed a “buy” rating for the company’s shares. Following that, on November 17, 2023, Leerink Partners initiated coverage, assigning an “outperform” rating and setting a price target of $5.00. Additionally, Leerink Partners upgraded its rating for Ovid Therapeutics to “strong buy” that same day. Conversely, Wall Street Zen downgraded the stock from a “hold” to a “sell” rating on November 15, 2023, while Weiss Ratings reissued a “sell (d-)” rating on October 8, 2023.

Recent Financial Performance

Ovid Therapeutics recently released its earnings results on November 12, 2023. The company reported an earnings per share (EPS) of ($0.17), falling short of the consensus estimate of ($0.15) by $0.02. The reported revenue for the quarter was $0.13 million, while analysts had expected around $0.17 million. The company’s financial metrics indicate a negative return on equity of 63.79% and a negative net margin of 550.04%. Analysts forecast that Ovid Therapeutics will show an EPS of (-0.4) for the current fiscal year.

Institutional Investment Trends

Recent activity among institutional investors reflects a growing interest in Ovid Therapeutics. Notable acquisitions include XTX Topco Ltd, which acquired a new position valued at approximately $29,000 in the first quarter. Other significant investments include Private Advisor Group LLC with a new position worth about $33,000, and Apollon Wealth Management LLC, which also entered the stock in the third quarter for around $36,000. Nuveen LLC and Jane Street Group LLC added new stakes worth $37,000 and $47,000 respectively. Overall, institutional investors currently hold 72.24% of Ovid Therapeutics’ stock.

Ovid Therapeutics is a biopharmaceutical company focused on developing treatments for patients with epilepsy and related neurological disorders. The company is advancing multiple therapies, including soticlestat, which is in Phase 3 clinical trials for resistant epilepsies, and OV329, a GABA aminotransferase inhibitor in Phase 1 trials for treating seizures associated with tuberous sclerosis complex. Another candidate, OV350, is also in Phase 1 trials as a small molecule direct activator of the KCC2 transporter for epilepsy treatment.

Investors and analysts alike remain attentive to Ovid Therapeutics as it navigates its clinical developments and market positioning, with expectations for future growth and innovation in the biopharmaceutical sector.