Ovid Therapeutics Inc. (NASDAQ:OVID) Sees Large Decrease in Short Interest


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Ovid Therapeutics Inc. (NASDAQ:OVID) was the recipient of a large decline in short interest in April. As of April 15th, there was short interest totalling 4,710,000 shares, a decline of 18.5% from the March 31st total of 5,780,000 shares. Based on an average daily volume of 3,930,000 shares, the days-to-cover ratio is currently 1.2 days.

Shares of Ovid Therapeutics stock traded down $0.09 on Tuesday, hitting $3.64. The company’s stock had a trading volume of 708,496 shares, compared to its average volume of 3,295,842. Ovid Therapeutics has a 52-week low of $2.25 and a 52-week high of $9.40. The firm has a fifty day moving average price of $3.90 and a 200-day moving average price of $3.84. The company has a market capitalization of $239.34 million, a P/E ratio of -2.58 and a beta of 1.86.

Ovid Therapeutics (NASDAQ:OVID) last announced its earnings results on Sunday, March 14th. The company reported ($0.34) earnings per share for the quarter, missing the consensus estimate of ($0.31) by ($0.03). The company had revenue of $5.70 million for the quarter, compared to analysts’ expectations of $6.54 million. As a group, analysts expect that Ovid Therapeutics will post -1.33 earnings per share for the current year.

Several research analysts have recently issued reports on OVID shares. Royal Bank of Canada cut Ovid Therapeutics from an “outperform” rating to a “sector perform” rating and set a $5.00 price objective for the company. in a research report on Wednesday, March 3rd. Cantor Fitzgerald reissued a “neutral” rating and issued a $4.00 target price (down from $8.00) on shares of Ovid Therapeutics in a report on Monday, April 26th. Zacks Investment Research downgraded Ovid Therapeutics from a “buy” rating to a “hold” rating in a report on Saturday, April 17th. Finally, UBS Group boosted their target price on Ovid Therapeutics from $4.00 to $5.00 and gave the company a “neutral” rating in a report on Thursday, March 4th. Seven analysts have rated the stock with a hold rating and four have given a buy rating to the company. Ovid Therapeutics presently has an average rating of “Hold” and an average price target of $9.94.

Several hedge funds have recently added to or reduced their stakes in the company. Los Angeles Capital Management LLC boosted its holdings in shares of Ovid Therapeutics by 4.5% in the 4th quarter. Los Angeles Capital Management LLC now owns 74,370 shares of the company’s stock valued at $172,000 after buying an additional 3,170 shares during the period. Rhumbline Advisers lifted its stake in shares of Ovid Therapeutics by 7.3% in the 4th quarter. Rhumbline Advisers now owns 49,670 shares of the company’s stock worth $115,000 after acquiring an additional 3,390 shares during the period. Strs Ohio lifted its stake in shares of Ovid Therapeutics by 20.4% in the 4th quarter. Strs Ohio now owns 23,600 shares of the company’s stock worth $54,000 after acquiring an additional 4,000 shares during the period. Nuveen Asset Management LLC lifted its stake in shares of Ovid Therapeutics by 2.9% in the 4th quarter. Nuveen Asset Management LLC now owns 175,579 shares of the company’s stock worth $1,167,000 after acquiring an additional 4,897 shares during the period. Finally, JPMorgan Chase & Co. lifted its stake in shares of Ovid Therapeutics by 32.0% in the 4th quarter. JPMorgan Chase & Co. now owns 21,064 shares of the company’s stock worth $49,000 after acquiring an additional 5,104 shares during the period. 39.59% of the stock is owned by institutional investors and hedge funds.

About Ovid Therapeutics

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 is in Phase III clinical trial for the treatment of angelman syndrome in adults; and completed Phase II clinical trial for the treatment of fragile X syndrome in adolescent and young male adults.

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