Cantor Fitzgerald Sticks to Their Buy Rating for Ovid Therapeutics Inc (OVID)

By Ryan Adsit

Cantor Fitzgerald analyst Charles Duncan reiterated a Buy rating on Ovid Therapeutics Inc (OVIDResearch Report) today and set a price target of $10. The company’s shares opened today at $3.47, close to its 52-week low of $3.22.

Duncan wrote:

“We reiterate our Overweight rating and $10 PT on OVID. We view recent P2 Angelman data with OV101 as at least provocative & supportive of efficacy sufficient to warrant further evaluation. We believe the efficacy signal suggests clinical value sufficient for positive outcomes in not only future Angelman trials but also FXS and other neurodevelopmental disorders with similar neuropsych symptoms. The co.’s second asset, OV935, targeted for developmental epileptic encephalopathies (DEE), provides The Disclosure Section may be found on pages 4 – 5.potential upside to our valuation and we look forward to PoC data in the near-term to increase visibility on the potential of this asset.”

According to TipRanks.com, Duncan is a 1-star analyst with an average return of -0.9% and a 43.6% success rate. Duncan covers the Healthcare sector, focusing on stocks such as Biohaven Pharmaceutical Holding Co Ltd, KalVista Pharmaceuticals Inc, and ACADIA Pharmaceuticals Inc.

Currently, the analyst consensus on Ovid Therapeutics Inc is a Moderate Buy with an average price target of $10.

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Based on Ovid Therapeutics Inc’s latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $12.96 million. In comparison, last year the company had a GAAP net loss of $9.36 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.