Ovid Therapeutics (NASDAQ:OVID) Sees Large Decline in Short Interest

Ovid Therapeutics (NASDAQ:OVID) was the recipient of a large drop in short interest during the month of April. As of April 15th, there was short interest totaling 6,957,013 shares, a drop of 25.5% from the March 31st total of 9,337,824 shares. Based on an average daily volume of 4,102,471 shares, the short-interest ratio is currently 1.7 days. Currently, 6.1% of the shares of the stock are sold short.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on OVID shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Ovid Therapeutics in a report on Tuesday, April 21st. Wedbush reissued an “outperform” rating and set a $7.00 price target on shares of Ovid Therapeutics in a report on Wednesday, April 15th. Wall Street Zen raised shares of Ovid Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday, March 21st. BTIG Research reissued a “buy” rating and set a $4.00 price target on shares of Ovid Therapeutics in a report on Thursday, March 26th. Finally, HC Wainwright lifted their price target on shares of Ovid Therapeutics from $2.00 to $4.00 and gave the company a “buy” rating in a report on Thursday, April 9th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $4.63.

Hedge Funds Weigh In On Ovid Therapeutics

Institutional investors have recently modified their holdings of the stock. Integrated Wealth Concepts LLC bought a new position in shares of Ovid Therapeutics in the third quarter worth about $69,000. Invesco Ltd. bought a new position in shares of Ovid Therapeutics in the fourth quarter worth about $54,000. Bank of America Corp DE raised its stake in shares of Ovid Therapeutics by 49.7% in the fourth quarter. Bank of America Corp DE now owns 56,733 shares of the company’s stock worth $53,000 after acquiring an additional 18,841 shares during the last quarter. LPL Financial LLC raised its stake in shares of Ovid Therapeutics by 150.0% in the fourth quarter. LPL Financial LLC now owns 30,000 shares of the company’s stock worth $49,000 after acquiring an additional 18,000 shares during the last quarter. Finally, Jane Street Group LLC bought a new position in shares of Ovid Therapeutics in the second quarter worth about $47,000. 72.24% of the stock is owned by institutional investors.

Ovid Therapeutics Price Performance

Shares of NASDAQ OVID traded down $0.01 during trading on Wednesday, reaching $2.69. The company had a trading volume of 1,377,082 shares, compared to its average volume of 2,695,060. Ovid Therapeutics has a 52 week low of $0.27 and a 52 week high of $3.11. The stock has a market cap of $354.74 million, a PE ratio of -8.68 and a beta of -0.03. The company has a debt-to-equity ratio of 0.09, a quick ratio of 8.97 and a current ratio of 8.97. The business’s 50 day moving average price is $2.26 and its 200-day moving average price is $1.80.

Ovid Therapeutics (NASDAQ:OVID) last announced its earnings results on Wednesday, March 18th. The company reported $0.06 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.16. Ovid Therapeutics had a negative net margin of 240.11% and a negative return on equity of 23.98%. The company had revenue of $0.72 million during the quarter, compared to the consensus estimate of $0.06 million. Analysts expect that Ovid Therapeutics will post -0.48 earnings per share for the current year.

Ovid Therapeutics Company Profile

Ovid Therapeutics is a clinical-stage biopharmaceutical company focused on the development of therapies for rare neurological disorders. Founded in 2014 and headquartered in New York, the company applies a precision medicine approach to target underlying mechanisms of disease in patients with genetic conditions affecting the central nervous system. Its research platform centers on small-molecule modulators of neurotransmitter pathways to restore neural network function in disorders with high unmet medical need.

The company’s lead development candidate, OV101 (gaboxadol), is a selective extrasynaptic GABAA receptor agonist being investigated for the treatment of Angelman syndrome and Fragile X syndrome.