Ovid Therapeutics (NASDAQ:OVID) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of Ovid Therapeutics (NASDAQ:OVID) from a hold rating to a sell rating in a research report released on Thursday, Zacks.com reports.

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. “

OVID has been the topic of several other research reports. Cowen reissued a buy rating on shares of Ovid Therapeutics in a research note on Monday, July 1st. ValuEngine lowered shares of Zosano Pharma from a buy rating to a hold rating in a research note on Wednesday, May 1st. Finally, LADENBURG THALM/SH SH reissued a buy rating on shares of Intec Pharma in a research note on Thursday, May 16th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the company. The company currently has a consensus rating of Hold and a consensus price target of $12.85.

Ovid Therapeutics stock opened at $2.35 on Thursday. The business’s 50 day moving average price is $2.05. Ovid Therapeutics has a fifty-two week low of $1.53 and a fifty-two week high of $11.02. The company has a debt-to-equity ratio of 0.02, a quick ratio of 7.78 and a current ratio of 7.78.

Ovid Therapeutics (NASDAQ:OVID) last released its quarterly earnings data on Tuesday, May 7th. The company reported ($0.46) earnings per share for the quarter, missing the consensus estimate of ($0.42) by ($0.04). Analysts expect that Ovid Therapeutics will post -1.84 EPS for the current fiscal year.

Institutional investors and hedge funds have recently made changes to their positions in the business. Rhumbline Advisers lifted its stake in Ovid Therapeutics by 47.2% in the fourth quarter. Rhumbline Advisers now owns 16,551 shares of the company’s stock valued at $40,000 after buying an additional 5,310 shares in the last quarter. Two Sigma Investments LP bought a new position in Ovid Therapeutics in the fourth quarter valued at approximately $114,000. Dimensional Fund Advisors LP lifted its stake in Ovid Therapeutics by 11.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 87,257 shares of the company’s stock valued at $211,000 after buying an additional 8,995 shares in the last quarter. Geode Capital Management LLC lifted its stake in Ovid Therapeutics by 7.1% in the fourth quarter. Geode Capital Management LLC now owns 95,865 shares of the company’s stock valued at $231,000 after buying an additional 6,391 shares in the last quarter. Finally, Acadian Asset Management LLC lifted its stake in Ovid Therapeutics by 445.6% in the first quarter. Acadian Asset Management LLC now owns 153,898 shares of the company’s stock valued at $272,000 after buying an additional 125,690 shares in the last quarter. 31.73% of the stock is currently owned by hedge funds and other institutional investors.

Ovid Therapeutics Company Profile

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.

Recommended Story: How to Trade Using Analysts Ratings

Get a free copy of the Zacks research report on Ovid Therapeutics (OVID)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Ovid Therapeutics (NASDAQ:OVID)

Receive News & Ratings for Ovid Therapeutics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ovid Therapeutics and related companies with MarketBeat.com's FREE daily email newsletter.