Ovid Therapeutics Inc (OVID) Gets a Buy Rating from Ladenburg

By Carrie Williams

In a report released today, Michael Higgins from Ladenburg maintained a Buy rating on Ovid Therapeutics Inc (OVIDResearch Report), with a price target of $27. The company’s shares opened today at $1.73, close to its 52-week low of $1.56.

Higgins said:

“We believe the new terms are much more favorable to Ovid (especially near-term) and demonstrate Lundbeck’s confidence in the potential of this Phase 3 ready candidate. The Amendment drops the near-term payment to Lundbeck for the start of the to $1M. As an offset, the total milestone payments are now $189M, from $181M. Given the pullback in OVID’s shares over the last year we find this important news for the company as well as its current and potential shareholders. We speculate that since Ovid’s CEO, Dr. Jeremy Levin, sits on Lundbeck’s Board, Lundbeck has greater confidence in the execution of the Phase 3 and its regulatory and commercial appeal than most outside partners would typically have in a company. Regardless, this Amendment frees up $9M for to deploy into the ongoing clinical development of OV101 and OV935.”

According to TipRanks.com, Higgins is ranked 0 out of 5 stars with an average return of -4.5% and a 32.4% success rate. Higgins covers the Healthcare sector, focusing on stocks such as Rhythm Pharmaceuticals Inc, Achieve Life Sciences Inc, and Melinta Therapeutics Inc.

Ovid Therapeutics Inc has an analyst consensus of Strong Buy, with a price target consensus of $13.40, which is a 674.6% upside from current levels. In a report issued on May 12, Cowen & Co. also maintained a Buy rating on the stock.

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The company has a one-year high of $11.45 and a one-year low of $1.56. Currently, Ovid Therapeutics Inc has an average volume of 675.7K.

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Ovid Therapeutics, Inc. focuses on developing 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.