Ovid Therapeutics (OVID) Q2 Earnings and Revenues Surpass Estimates

Group 1: Earnings Performance - Ovid Therapeutics reported quarterly earnings of $0.12 per share, exceeding the Zacks Consensus Estimate of a loss of$ 0.22 per share, and compared to a loss of $0.18 per share a year ago, representing an earnings surprise of 154.55% [1] - The company posted revenues of$ 0.17 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 20.71%, compared to year-ago revenues of $0.08 million [2] - Over the last four quarters, Ovid Therapeutics has surpassed consensus EPS estimates three times and topped consensus revenue estimates four times [2] Group 2: Stock Performance and Outlook - Ovid Therapeutics shares have declined approximately 73.8% since the beginning of the year, while the S&P 500 has gained 12.1% [3] - The company's future stock performance will largely depend on management's commentary during the earnings call and the earnings outlook [4][6] - The current consensus EPS estimate for the upcoming quarter is -$ 0.22 on $0.15 million in revenues, and -$ 0.81 on $0.5 million in revenues for the current fiscal year [7] Group 3: Industry Context - The Medical - Biomedical and Genetics industry, to which Ovid Therapeutics belongs, is currently ranked in the top 29% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, suggesting that tracking these revisions can be beneficial for investors [5]