Ovid Therapeutics (OVID) Upgraded to “Buy” at Zacks Investment Research

Ovid Therapeutics (NASDAQ:OVID) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Friday. The brokerage currently has a $11.00 target price on the stock. Zacks Investment Research‘s price objective points to a potential upside of 12.02% from the company’s current price.

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. “

Separately, ValuEngine upgraded shares of Ovid Therapeutics from a “strong sell” rating to a “sell” rating in a research report on Sunday, December 31st. One equities research analyst has rated the stock with a sell rating and five have assigned a buy rating to the company. Ovid Therapeutics presently has an average rating of “Buy” and a consensus target price of $19.33.

Ovid Therapeutics (NASDAQ OVID) opened at $9.82 on Friday. The stock has a market cap of $241.60 and a P/E ratio of -2.54. Ovid Therapeutics has a 12-month low of $5.28 and a 12-month high of $15.93.

Ovid Therapeutics (NASDAQ:OVID) last released its quarterly earnings data on Thursday, November 9th. The company reported ($0.38) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.54) by $0.16. equities research analysts expect that Ovid Therapeutics will post -4.08 EPS for the current year.

A number of hedge funds have recently added to or reduced their stakes in the stock. Jennison Associates LLC increased its position in Ovid Therapeutics by 2.7% during the 3rd quarter. Jennison Associates LLC now owns 667,466 shares of the company’s stock worth $5,858,000 after purchasing an additional 17,392 shares in the last quarter. Redmile Group LLC acquired a new position in Ovid Therapeutics in the 2nd quarter valued at approximately $4,237,000. State Street Corp acquired a new position in Ovid Therapeutics in the 2nd quarter valued at approximately $520,000. Nexthera Capital LP acquired a new position in Ovid Therapeutics in the 2nd quarter valued at approximately $320,000. Finally, Goldman Sachs Group Inc. acquired a new position in Ovid Therapeutics in the 2nd quarter valued at approximately $923,000. Institutional investors and hedge funds own 29.36% of the company’s stock.

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About Ovid Therapeutics

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.

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