Wedbush Expects Reduced Earnings for Ovid Therapeutics

Ovid Therapeutics Inc. (NASDAQ:OVID) – Analysts at Wedbush dropped their FY2024 EPS estimates for shares of Ovid Therapeutics in a report released on Wednesday, November 13th. Wedbush analyst L. Chico now expects that the company will post earnings of ($0.39) per share for the year, down from their prior estimate of ($0.35). The consensus estimate for Ovid Therapeutics’ current full-year earnings is ($0.49) per share.

Ovid Therapeutics (NASDAQ:OVID) last released its quarterly earnings data on Tuesday, August 13th. The company reported $0.12 earnings per share for the quarter, topping the consensus estimate of ($0.22) by $0.34. The business had revenue of $0.17 million during the quarter, compared to analyst estimates of $0.14 million. Ovid Therapeutics had a negative return on equity of 39.24% and a negative net margin of 5,142.56%.

A number of other research analysts also recently commented on OVID. HC Wainwright restated a “buy” rating and issued a $3.00 target price on shares of Ovid Therapeutics in a research note on Monday, September 30th. William Blair raised shares of Ovid Therapeutics to a “strong-buy” rating in a research report on Friday, August 30th. Two equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $4.04.

Ovid Therapeutics Price Performance

Shares of NASDAQ:OVID opened at $1.15 on Friday. The company has a market cap of $81.66 million, a P/E ratio of -2.45 and a beta of 0.41. Ovid Therapeutics has a 12-month low of $0.68 and a 12-month high of $4.10. The company has a quick ratio of 5.73, a current ratio of 5.66 and a debt-to-equity ratio of 0.18. The company’s fifty day moving average is $1.16 and its two-hundred day moving average is $1.56.

Institutional Investors Weigh In On Ovid Therapeutics

A number of hedge funds have recently made changes to their positions in OVID. Driehaus Capital Management LLC bought a new stake in Ovid Therapeutics during the second quarter worth about $1,077,000. BNP Paribas Financial Markets boosted its holdings in shares of Ovid Therapeutics by 4,128.7% in the 3rd quarter. BNP Paribas Financial Markets now owns 220,401 shares of the company’s stock worth $260,000 after acquiring an additional 215,189 shares in the last quarter. GSA Capital Partners LLP grew its position in Ovid Therapeutics by 118.0% during the 3rd quarter. GSA Capital Partners LLP now owns 260,509 shares of the company’s stock worth $307,000 after acquiring an additional 141,002 shares during the last quarter. Assenagon Asset Management S.A. acquired a new stake in Ovid Therapeutics during the 3rd quarter valued at $102,000. Finally, FFT Wealth Management LLC raised its position in Ovid Therapeutics by 18.2% in the 2nd quarter. FFT Wealth Management LLC now owns 489,552 shares of the company’s stock valued at $377,000 after purchasing an additional 75,530 shares during the last quarter. 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.