Ovid Therapeutc (OVID) Upgraded to “Buy” by Zacks Investment Research

Ovid Therapeutc (NASDAQ:OVID) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Thursday. The brokerage presently has a $11.00 target price on the stock. Zacks Investment Research‘s price objective points to a potential upside of 16.03% from the company’s previous close.

According to Zacks, “Ovid Therapeutics Inc. is a biopharmaceutical company. It engaged in developing therapies for patients with rare neurological disorders. The company’s product pipeline consists of OV101, is currently in development for the treatment of symptoms of Angelman syndrome and Fragile X syndrome. It also involved in developing OV935 in collaboration with Takeda Pharmaceutical Company Limited for the treatment of rare epileptic encephalopathies. Ovid Therapeutics Inc. is based in New York, United States. “

Ovid Therapeutc (NASDAQ:OVID) opened at $9.48 on Thursday. Ovid Therapeutc has a 1 year low of $5.28 and a 1 year high of $15.93.

Ovid Therapeutc (NASDAQ:OVID) last announced its quarterly earnings results on Thursday, November 9th. The company reported ($0.38) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.54) by $0.16. equities analysts predict that Ovid Therapeutc will post -4.08 earnings per share for the current year.

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In other news, CEO Jeremy M. Levin purchased 15,334 shares of the stock in a transaction dated Friday, August 25th. The shares were purchased at an average cost of $7.15 per share, with a total value of $109,638.10. Following the completion of the acquisition, the chief executive officer now owns 4,601,529 shares in the company, valued at approximately $32,900,932.35. The transaction was disclosed in a document filed with the SEC, which is available at this link.

Institutional investors have recently made changes to their positions in the company. Jennison Associates LLC purchased a new stake in shares of Ovid Therapeutc in the second quarter worth about $6,739,000. Alps Advisors Inc. purchased a new stake in Ovid Therapeutc in the second quarter valued at approximately $233,000. Sphera Funds Management LTD. purchased a new stake in Ovid Therapeutc in the second quarter valued at approximately $3,042,000. Ameriprise Financial Inc. purchased a new stake in Ovid Therapeutc in the second quarter valued at approximately $3,761,000. Finally, Victory Capital Management Inc. purchased a new stake in Ovid Therapeutc in the second quarter valued at approximately $1,374,000. 32.15% of the stock is currently owned by hedge funds and other institutional investors.

About Ovid Therapeutc

Ovid Therapeutics Inc (Ovid) is a biopharmaceutical company. The Company is engaged in developing medicines for patients and families living with rare neurological disorders. Its lead drug candidate is OV101. The Company’s second lead drug candidate is OV935. OV101 (gaboxadol) is a delta-selective GABAA receptor agonist.

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