Zacks Investment Research Downgrades Ovid Therapeutc (OVID) to Sell

Ovid Therapeutc (NASDAQ:OVID) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Wednesday.

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 research analysts also recently issued research reports about the stock. Citigroup Inc. assumed coverage on shares of Ovid Therapeutc in a report on Tuesday, May 30th. They set a “buy” rating and a $21.00 price target on the stock. Cowen and Company assumed coverage on shares of Ovid Therapeutc in a report on Tuesday, May 30th. They set an “outperform” rating on the stock. JMP Securities assumed coverage on shares of Ovid Therapeutc in a report on Tuesday, May 30th. They set an “outperform” rating and a $26.00 price target on the stock. Finally, William Blair assumed coverage on shares of Ovid Therapeutc in a report on Tuesday, May 30th. They set an “outperform” rating on the stock. One research analyst has rated the stock with a sell rating and four have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $23.50.

Shares of Ovid Therapeutc (NASDAQ:OVID) opened at 6.35 on Wednesday. The stock’s market capitalization is $156.22 million. The company’s 50-day moving average is $8.42 and its 200-day moving average is $10.90. Ovid Therapeutc has a 12 month low of $5.28 and a 12 month high of $15.93.

Ovid Therapeutc (NASDAQ:OVID) last released its quarterly earnings results on Thursday, August 10th. The company reported ($0.57) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.48) by $0.09. Equities research analysts expect that Ovid Therapeutc will post ($3.88) earnings per share for the current fiscal year.

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Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp purchased a new position in Ovid Therapeutc during the second quarter worth about $135,000. TIAA CREF Investment Management LLC purchased a new position in Ovid Therapeutc during the second quarter worth about $142,000. Schwab Charles Investment Management Inc. purchased a new position in Ovid Therapeutc during the second quarter worth about $153,000. OxFORD Asset Management LLP purchased a new position in Ovid Therapeutc during the second quarter worth about $189,000. Finally, Citadel Advisors LLC purchased a new position in Ovid Therapeutc during the second quarter worth about $204,000. Institutional investors and hedge funds own 3.39% of the company’s stock.

Ovid Therapeutc Company Profile

Ovid Therapeutics Inc (Ovid) is a biopharmaceutical company. The Company is engaged in developing medicines for patients and families living with rare neurological disorders. Its lead drug candidate is OV101. The Company’s second lead drug candidate is OV935. OV101 (gaboxadol) is a delta-selective GABAA receptor agonist.