Analysts Just Made A Captivating Upgrade To Their Ovid Therapeutics Inc. (NASDAQ:OVID) Forecasts

By
Simply Wall St
Published
March 19, 2021
NasdaqGS:OVID

Ovid Therapeutics Inc. (NASDAQ:OVID) shareholders will have a reason to smile today, with the analysts making substantial upgrades to this year's statutory forecasts. Consensus estimates suggest investors could expect greatly increased statutory revenues and earnings per share, with analysts modelling a real improvement in business performance. The stock price has risen 9.0% to US$4.47 over the past week, suggesting investors are becoming more optimistic. It will be interesting to see if this latest upgrade is enough to kickstart further buying interest in the stock.

Following the upgrade, the current consensus from Ovid Therapeutics' six analysts is for revenues of US$125m in 2021 which - if met - would reflect a major increase on its sales over the past 12 months. Losses are expected to turn into profits real soon, with the analysts forecasting US$0.72 in per-share earnings. Before this latest update, the analysts had been forecasting revenues of US$103m and earnings per share (EPS) of US$0.49 in 2021. So we can see there's been a pretty clear increase in analyst sentiment in recent times, with both revenues and earnings per share receiving a decent lift in the latest estimates.

Check out our latest analysis for Ovid Therapeutics

earnings-and-revenue-growth
NasdaqGS:OVID Earnings and Revenue Growth March 20th 2021

The Bottom Line

The most important thing to take away from this upgrade is that analysts upgraded their earnings per share estimates for this year, expecting improving business conditions. With a serious upgrade to expectations, it might be time to take another look at Ovid Therapeutics.

Still, the long-term prospects of the business are much more relevant than next year's earnings. We have estimates - from multiple Ovid Therapeutics analysts - going out to 2025, and you can see them free on our platform here.

Another way to search for interesting companies that could be reaching an inflection point is to track whether management are buying or selling, with our free list of growing companies that insiders are buying.

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This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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