Shares of Ovid Therapeutics Inc (NASDAQ:OVID) shot up 8.9% during mid-day trading on Tuesday . The stock traded as high as $1.98 and last traded at $1.96. 1,654,588 shares changed hands during mid-day trading, an increase of 436% from the average session volume of 308,934 shares. The stock had previously closed at $1.80.

Several analysts have weighed in on the stock. Zacks Investment Research lowered shares of Ovid Therapeutics from a “buy” rating to a “hold” rating in a research note on Saturday, April 6th. Piper Jaffray Companies lowered their target price on shares of Ovid Therapeutics to $14.00 and set an “overweight” rating for the company in a research note on Sunday, March 10th. JMP Securities lowered their target price on shares of Ovid Therapeutics from $26.00 to $11.00 and set an “outperform” rating for the company in a research note on Friday, March 8th. Finally, LADENBURG THALM/SH SH set a $27.00 target price on shares of Ovid Therapeutics and gave the company a “buy” rating in a research note on Friday, March 8th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $12.80.

The company has a market cap of $68.41 million, a price-to-earnings ratio of -0.93 and a beta of 1.96.

Ovid Therapeutics (NASDAQ:OVID) last released its earnings results on Thursday, March 7th. The company reported ($0.52) earnings per share for the quarter, beating the consensus estimate of ($0.55) by $0.03. Equities analysts anticipate that Ovid Therapeutics Inc will post -1.89 earnings per share for the current year.

In other Ovid Therapeutics news, CEO Jeremy M. Levin bought 75,000 shares of the stock in a transaction on Friday, February 22nd. The stock was purchased at an average price of $2.00 per share, for a total transaction of $150,000.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 43.90% of the stock is owned by insiders.

Several institutional investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC grew its position in shares of Ovid Therapeutics by 7.1% during the fourth quarter. Geode Capital Management LLC now owns 95,865 shares of the company’s stock worth $231,000 after acquiring an additional 6,391 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Ovid Therapeutics by 11.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 87,257 shares of the company’s stock worth $211,000 after acquiring an additional 8,995 shares during the last quarter. JPMorgan Chase & Co. grew its position in shares of Ovid Therapeutics by 136.9% during the third quarter. JPMorgan Chase & Co. now owns 54,832 shares of the company’s stock worth $311,000 after acquiring an additional 31,687 shares during the last quarter. Two Sigma Investments LP bought a new position in shares of Ovid Therapeutics during the fourth quarter worth about $114,000. Finally, SG Americas Securities LLC bought a new position in shares of Ovid Therapeutics during the fourth quarter worth about $46,000. Institutional investors and hedge funds own 17.69% of the company’s stock.

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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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