News Flash: Analysts Just Made A Notable Upgrade To Their Ovid Therapeutics Inc. (NASDAQ:OVID) Forecasts
Shareholders in Ovid Therapeutics Inc. (NASDAQ:OVID) may be thrilled to learn that the analysts have just delivered a major upgrade to their near-term forecasts. The consensus statutory numbers for both revenue and earnings per share (EPS) increased, with their view clearly much more bullish on the company's business prospects. Investor sentiment seems to be improving too, with the share price up 9.0% to US$4.47 over the past 7 days. Could this big upgrade push the stock even higher?
After the upgrade, the six analysts covering Ovid Therapeutics are now predicting revenues of US$125m in 2021. If met, this would reflect a substantial improvement in sales compared to the last 12 months. The losses are expected to disappear over the next year or so, with forecasts for a profit of US$0.72 per share this year. Before this latest update, the analysts had been forecasting revenues of US$103m and earnings per share (EPS) of US$0.49 in 2021. There has definitely been an improvement in perception recently, with the analysts substantially increasing both their earnings and revenue estimates.
View our latest analysis for Ovid Therapeutics
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.
With that said, the long-term trajectory of the company's earnings is a lot more important than next year. We have estimates - from multiple Ovid Therapeutics analysts - going out to 2025, and you can see them free on our platform here.
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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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