Shares of Ovid Therapeutics Inc (NASDAQ:OVID) gapped down prior to trading on Monday . The stock had previously closed at $2.38, but opened at $2.39. Ovid Therapeutics shares last traded at $2.42, with a volume of 6,056 shares changing hands.

Several equities research analysts have recently weighed in on the stock. Royal Bank of Canada assumed coverage on shares of Ovid Therapeutics in a report on Wednesday, September 4th. They issued an “outperform” rating and a $12.00 target price on the stock. Citigroup increased their price objective on shares of Ovid Therapeutics from $8.00 to $10.00 and gave the stock a “buy” rating in a report on Tuesday, September 24th. Zacks Investment Research raised shares of Ovid Therapeutics from a “hold” rating to a “buy” rating and set a $2.00 price objective on the stock in a report on Thursday, September 5th. 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. Finally, Cowen reaffirmed a “buy” rating on shares of Ovid Therapeutics in a research note on Monday, July 1st. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company. Ovid Therapeutics has a consensus rating of “Buy” and an average target price of $12.29.

The company has a market cap of $92.67 million, a P/E ratio of -1.10 and a beta of 2.46. The company has a current ratio of 5.84, a quick ratio of 5.84 and a debt-to-equity ratio of 0.01. The firm’s 50 day moving average price is $2.34 and its 200-day moving average price is $2.04.

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

Large investors have recently made changes to their positions in the stock. Jane Street Group LLC raised its position in shares of Ovid Therapeutics by 199.6% in the 2nd quarter. Jane Street Group LLC now owns 52,309 shares of the company’s stock valued at $97,000 after acquiring an additional 34,850 shares during the period. Paloma Partners Management Co acquired a new stake in shares of Ovid Therapeutics in the 2nd quarter valued at approximately $109,000. Acadian Asset Management LLC raised its position in shares of Ovid Therapeutics by 445.6% in the 1st quarter. Acadian Asset Management LLC now owns 153,898 shares of the company’s stock valued at $272,000 after acquiring an additional 125,690 shares during the period. Wells Fargo & Company MN raised its position in shares of Ovid Therapeutics by 41.0% in 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 period. Finally, Renaissance Technologies LLC raised its position in shares of Ovid Therapeutics by 29.8% in 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 period. Institutional investors and hedge funds own 26.16% of the company’s stock.

About Ovid Therapeutics (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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