Ovid Therapeutics (OVID) Lowered to Hold at Zacks Investment Research

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

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 have also recently issued research reports about the stock. BidaskClub cut shares of Ovid Therapeutics from a “buy” rating to a “hold” rating in a report on Friday, July 27th. ValuEngine upgraded shares of Ovid Therapeutics from a “buy” rating to a “strong-buy” rating in a report on Thursday, August 2nd. Finally, Piper Jaffray Companies set a $20.00 price objective on shares of Ovid Therapeutics and gave the company a “buy” rating in a report on Monday, August 6th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Ovid Therapeutics currently has an average rating of “Buy” and a consensus price target of $18.08.

Shares of NASDAQ:OVID opened at $6.01 on Thursday. Ovid Therapeutics has a one year low of $5.20 and a one year high of $12.44. The company has a market cap of $139.66 million, a PE ratio of -1.79 and a beta of 1.29.

Ovid Therapeutics (NASDAQ:OVID) last issued its quarterly earnings results on Thursday, August 9th. The company reported ($0.53) EPS for the quarter, topping the consensus estimate of ($0.60) by $0.07. Research analysts expect that Ovid Therapeutics will post -2.26 earnings per share for the current year.

In other news, Director Douglas E. Williams acquired 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 14th. The stock was purchased at an average price of $6.49 per share, for a total transaction of $32,450.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 43.90% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. grew its holdings in Ovid Therapeutics by 8.9% during the second quarter. BlackRock Inc. now owns 1,478,855 shares of the company’s stock valued at $11,534,000 after purchasing an additional 120,396 shares during the period. Cowen Inc. acquired a new position in shares of Ovid Therapeutics in the second quarter valued at approximately $5,169,000. Northern Trust Corp boosted its holdings in shares of Ovid Therapeutics by 9.3% in the second quarter. Northern Trust Corp now owns 129,497 shares of the company’s stock valued at $1,010,000 after buying an additional 11,067 shares during the period. Millennium Management LLC acquired a new position in shares of Ovid Therapeutics in the first quarter valued at approximately $420,000. Finally, Schwab Charles Investment Management Inc. boosted its holdings in shares of Ovid Therapeutics by 67.2% in the first quarter. Schwab Charles Investment Management Inc. now owns 34,295 shares of the company’s stock valued at $243,000 after buying an additional 13,785 shares during the period. Hedge funds and other institutional investors own 31.06% 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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