In a report released today, Charles Duncan from Cantor Fitzgerald reiterated a Buy rating on Ovid Therapeutics Inc (OVID), with a price target of $7. The company’s shares opened today at $1.94, close to its 52-week low of $1.72.
Duncan commented:
“. We reiterate our Overweight rating and $7 PT on OVID following the company’s 4Q18 earnings release. The company reported a net loss of $0.52 per share for 4Q18 and a net loss of $2.11 for the year; it ended 2018 with $41.5M in cash and STI. An additional $31M reported from a February 2019 raise enhances visibility, although we question the execution on this raise, its structure, and how much organic demand there was for the equity; more cash is clearly better than less at the pre-clear proof of clinical concept current stage of OVID. However, with this recently bolstered balance sheet, our model now projects cash to fund operations into 2020, beyond key data milestones and other pipeline progress.”
According to TipRanks.com, Duncan is a 3-star analyst with an average return of 1.3% and a 46.4% success rate. Duncan covers the Healthcare sector, focusing on stocks such as Biohaven Pharmaceutical Holding Co Ltd, Crinetics Pharmaceuticals Inc, and KalVista Pharmaceuticals Inc.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Ovid Therapeutics Inc with a $14.75 average price target, which is a 660.3% upside from current levels. In a report issued on March 8, Ladenburg also maintained a Buy rating on the stock with a $27 price target.
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Based on Ovid Therapeutics Inc’s latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $12.9 million. In comparison, last year the company had a GAAP net loss of $10.96 million.
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Ovid Therapeutics, Inc. is a biopharmaceutical company, which focuses on developing impactful medicines for patients and families living with rare neurological disorders. The company was founded by Matthew During in April 2014 and is headquartered in New York, NY.
