Short Interest in Ovid Therapeutics Inc (NASDAQ:OVID) Declines By 16.4%

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Ovid Therapeutics Inc (NASDAQ:OVID) was the target of a significant drop in short interest during the month of November. As of November 29th, there was short interest totalling 636,400 shares, a drop of 16.4% from the November 14th total of 761,400 shares. Approximately 3.2% of the shares of the company are sold short. Based on an average daily volume of 743,900 shares, the short-interest ratio is currently 0.9 days.

Shares of OVID stock traded down $0.07 during trading hours on Friday, reaching $4.03. 573,753 shares of the company traded hands, compared to its average volume of 612,788. Ovid Therapeutics has a 12-month low of $1.53 and a 12-month high of $4.44. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.78 and a quick ratio of 3.78. The company has a market cap of $198.44 million, a P/E ratio of -1.91 and a beta of 2.86. The firm has a 50-day moving average price of $3.06 and a 200 day moving average price of $2.38.

Ovid Therapeutics (NASDAQ:OVID) last posted its quarterly earnings data on Friday, November 8th. The company reported ($0.43) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.45) by $0.02. Sell-side analysts predict that Ovid Therapeutics will post -1.64 EPS for the current year.

OVID has been the topic of several research reports. ValuEngine cut Ovid Therapeutics from a “hold” rating to a “sell” rating in a research report on Thursday, December 5th. Royal Bank of Canada started coverage on Ovid Therapeutics in a research report on Wednesday, September 4th. They set an “outperform” rating and a $12.00 price objective on the stock. Citigroup lifted their price objective on Ovid Therapeutics from $8.00 to $10.00 and gave the company a “buy” rating in a research report on Tuesday, September 24th. Cowen reaffirmed a “buy” rating on shares of Ovid Therapeutics in a research report on Monday, November 11th. Finally, Zacks Investment Research cut Ovid Therapeutics from a “buy” rating to a “hold” rating in a research report on Thursday, November 14th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and eight have assigned a buy rating to the company’s stock. Ovid Therapeutics has a consensus rating of “Buy” and a consensus price target of $12.29.

In other news, CEO Jeremy M. Levin bought 60,000 shares of the company’s stock in a transaction on Tuesday, October 8th. The shares were acquired at an average cost of $2.13 per share, with a total value of $127,800.00. Also, major shareholder Pharmaceutical Co Ltd Takeda bought 2,000,000 shares of the company’s stock in a transaction on Tuesday, October 8th. The stock was purchased at an average cost of $2.50 per share, for a total transaction of $5,000,000.00. The disclosure for this purchase can be found here. Company insiders own 29.80% of the company’s stock.

Hedge funds have recently bought and sold shares of the company. Commonwealth Equity Services LLC purchased a new position in Ovid Therapeutics in the 3rd quarter worth approximately $56,000. Virtu Financial LLC purchased a new position in Ovid Therapeutics in the 3rd quarter worth approximately $80,000. Jane Street Group LLC lifted its holdings in Ovid Therapeutics by 199.6% in the 2nd quarter. Jane Street Group LLC now owns 52,309 shares of the company’s stock worth $97,000 after purchasing an additional 34,850 shares in the last quarter. Paloma Partners Management Co purchased a new position in Ovid Therapeutics in the 2nd quarter worth approximately $109,000. Finally, Acadian Asset Management LLC lifted its holdings in Ovid Therapeutics by 37.4% in the 2nd quarter. Acadian Asset Management LLC now owns 211,490 shares of the company’s stock worth $392,000 after purchasing an additional 57,592 shares in the last quarter. 19.20% of the stock is currently owned by hedge funds and other institutional investors.

Ovid Therapeutics Company Profile

Ovid Therapeutics Inc, a biopharmaceutical company, develops impactful medicines for patients and families with neurological disorders in the United States. The company is developing OV101, a drug candidate, which has completed Phase II clinical trial for adults with angelman syndrome; and Phase I clinical trial for adolescents with angelman syndrome or fragile X syndrome.

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