Ovid Therapeutics (NASDAQ:OVID) Stock Price Up 7.5% After Insider Buying Activity

Ovid Therapeutics Inc (NASDAQ:OVID)’s share price rose 7.5% during trading on Friday after an insider bought additional shares in the company. The company traded as high as $2.30 and last traded at $2.29, approximately 405,434 shares traded hands during mid-day trading. A decline of 11% from the average daily volume of 457,347 shares. The stock had previously closed at $2.13.

Specifically, CEO Jeremy M. Levin acquired 60,000 shares of the firm’s stock in a transaction on Tuesday, October 8th. The stock was bought at an average cost of $2.13 per share, for a total transaction of $127,800.00. 29.80% of the stock is owned by insiders.

OVID has been the subject of several research reports. ValuEngine upgraded shares of Ovid Therapeutics from a “sell” rating to a “hold” rating in a research note on Thursday, August 1st. Royal Bank of Canada initiated coverage on shares of Ovid Therapeutics in a research note on Wednesday, September 4th. They issued an “outperform” rating and a $12.00 target price for the company. Piper Jaffray Companies set a $14.00 target price on shares of Ovid Therapeutics and gave the company a “buy” rating in a research note on Monday, September 23rd. Citigroup upped their target price on shares of Ovid Therapeutics from $8.00 to $10.00 and gave the company a “buy” rating in a research note on Tuesday, September 24th. Finally, Zacks Investment Research upgraded shares of Ovid Therapeutics from a “hold” rating to a “buy” rating and set a $2.00 target price for the company in a research note on Thursday, September 5th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $12.29.

The firm’s 50 day moving average price is $2.35 and its two-hundred day moving average price is $2.04. The company has a quick ratio of 5.84, a current ratio of 5.84 and a debt-to-equity ratio of 0.01.

Ovid Therapeutics (NASDAQ:OVID) last announced its earnings results on Wednesday, August 7th. The company reported ($0.34) earnings per share for the quarter, beating the consensus estimate of ($0.42) by $0.08. As a group, analysts anticipate that Ovid Therapeutics Inc will post -1.5 EPS for the current fiscal year.

Hedge funds have recently made changes to their positions in the company. Acadian Asset Management LLC boosted its stake in shares of Ovid Therapeutics by 37.4% in the second quarter. Acadian Asset Management LLC now owns 211,490 shares of the company’s stock valued at $392,000 after purchasing an additional 57,592 shares during the period. Renaissance Technologies LLC boosted its stake in Ovid Therapeutics by 29.8% during the 2nd quarter. Renaissance Technologies LLC now owns 471,609 shares of the company’s stock valued at $872,000 after acquiring an additional 108,392 shares during the last quarter. Wells Fargo & Company MN boosted its stake in Ovid Therapeutics by 41.0% during the 2nd quarter. Wells Fargo & Company MN now owns 442,604 shares of the company’s stock valued at $819,000 after acquiring an additional 128,618 shares during the last quarter. Paloma Partners Management Co bought a new position in Ovid Therapeutics during the 2nd quarter valued at $109,000. Finally, Vanguard Group Inc. boosted its stake in Ovid Therapeutics by 67.8% during the 2nd quarter. Vanguard Group Inc. now owns 1,097,614 shares of the company’s stock valued at $2,030,000 after acquiring an additional 443,490 shares during the last quarter. Institutional investors and hedge funds own 26.16% of the company’s stock.

Ovid Therapeutics Company Profile (NASDAQ:OVID)

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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