Wedbush Expects Reduced Earnings for Ovid Therapeutics

Ovid Therapeutics Inc. (NASDAQ:OVID - Free Report) - Equities researchers at Wedbush reduced their FY2024 EPS estimates for shares of Ovid Therapeutics in a research note issued on Wednesday, November 13th. Wedbush analyst L. Chico now forecasts that the company will earn ($0.39) per share for the year, down from their prior forecast of ($0.35). The consensus estimate for Ovid Therapeutics' current full-year earnings is ($0.49) per share.

Ovid Therapeutics (NASDAQ:OVID - Get Free Report) last issued its quarterly earnings results on Tuesday, August 13th. The company reported $0.12 earnings per share for the quarter, beating analysts' consensus estimates of ($0.22) by $0.34. Ovid Therapeutics had a negative net margin of 5,142.56% and a negative return on equity of 39.24%. The company had revenue of $0.17 million during the quarter, compared to the consensus estimate of $0.14 million.

A number of other research firms have also commented on OVID. William Blair raised shares of Ovid Therapeutics to a "strong-buy" rating in a research note on Friday, August 30th. HC Wainwright reissued a "buy" rating and issued a $3.00 price target on shares of Ovid Therapeutics in a research report on Monday, September 30th. Two investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $4.04.

Ovid Therapeutics Price Performance

NASDAQ OVID traded down $0.09 on Friday, reaching $1.06. The company's stock had a trading volume of 437,549 shares, compared to its average volume of 391,114. The company has a debt-to-equity ratio of 0.18, a quick ratio of 5.73 and a current ratio of 5.66. Ovid Therapeutics has a twelve month low of $0.68 and a twelve month high of $4.10. The stock has a market cap of $75.27 million, a PE ratio of -2.19 and a beta of 0.41. The firm's 50 day moving average is $1.16 and its two-hundred day moving average is $1.55.

Hedge Funds Weigh In On Ovid Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Driehaus Capital Management LLC bought a new stake in shares of Ovid Therapeutics in the second quarter valued at approximately $1,077,000. BNP Paribas Financial Markets lifted its position in Ovid Therapeutics by 4,128.7% in the third quarter. BNP Paribas Financial Markets now owns 220,401 shares of the company's stock worth $260,000 after purchasing an additional 215,189 shares during the period. GSA Capital Partners LLP lifted its holdings in shares of Ovid Therapeutics by 118.0% during the third quarter. GSA Capital Partners LLP now owns 260,509 shares of the company's stock valued at $307,000 after acquiring an additional 141,002 shares during the period. Assenagon Asset Management S.A. bought a new position in shares of Ovid Therapeutics during the third quarter valued at $102,000. Finally, FFT Wealth Management LLC lifted its holdings in shares of Ovid Therapeutics by 18.2% during the second quarter. FFT Wealth Management LLC now owns 489,552 shares of the company's stock valued at $377,000 after acquiring an additional 75,530 shares during the period. Institutional investors and hedge funds own 72.24% of the company's stock.

Ovid Therapeutics Company Profile

Ovid Therapeutics Inc, a biopharmaceutical company, engages in the development of impactful medicines for patients and families with epilepsies and seizure-related neurological disorders in the United States. The company is developing soticlestat, a novel cholesterol 24 hydroxylase inhibitor, which is in Phase 3 clinical trials for the potential treatment of patients with resistant epilepsies; OV329, a GABA aminotransferase inhibitor which is in Phase 1 clinical trials for the treatment of seizures associated with tuberous sclerosis complex and infantile spasms; and OV350, a small molecule direct activator of the KCC2 transporter, which is in Phase 1 clinical trials for treating epilepsies.