Ovid Therapeutics (NASDAQ:OVID) Sees Significant Growth in Short Interest

Ovid Therapeutics (NASDAQ:OVID) saw a significant growth in short interest during the month of June. As of June 30th, there was short interest totaling 21,998,879 shares, a growth of 85.6% from the June 15th total of 11,855,450 shares. Based on an average daily volume of 5,823,749 shares, the short-interest ratio is presently 3.8 days. Currently, 12.7% of the company’s stock are sold short.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Benin Management CORP purchased a new stake in shares of Ovid Therapeutics during the 4th quarter worth $31,000. Private Advisor Group LLC purchased a new stake in shares of Ovid Therapeutics during the 3rd quarter worth approximately $33,000. Total Clarity Wealth Management Inc. acquired a new stake in shares of Ovid Therapeutics in the 4th quarter worth approximately $47,000. Jane Street Group LLC acquired a new stake in Ovid Therapeutics in the second quarter valued at $47,000. Finally, State of Wyoming acquired a new stake in Ovid Therapeutics in the 1st quarter valued at about $49,000. 72.24% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

OVID has been the topic of a number of research analyst reports. HC Wainwright boosted their price target on Ovid Therapeutics from $2.00 to $4.00 and gave the stock a “buy” rating in a research note on Thursday, April 9th. BTIG Research reiterated a “buy” rating and set a $4.00 price objective on shares of Ovid Therapeutics in a research note on Thursday, March 26th. Roth Capital reiterated a “buy” rating and issued a $7.00 target price on shares of Ovid Therapeutics in a research note on Thursday, May 14th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Ovid Therapeutics in a report on Tuesday, April 21st. Finally, Wedbush reaffirmed an “outperform” rating and set a $7.00 price objective on shares of Ovid Therapeutics in a report on Wednesday, April 15th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $5.12.

Ovid Therapeutics Stock Down 0.4%

Shares of NASDAQ OVID opened at $2.44 on Friday. The company has a quick ratio of 10.17, a current ratio of 10.17 and a debt-to-equity ratio of 0.06. The firm has a market cap of $455.40 million, a price-to-earnings ratio of -8.41 and a beta of 0.18. Ovid Therapeutics has a 52-week low of $0.47 and a 52-week high of $3.11. The business’s 50 day moving average is $2.50 and its two-hundred day moving average is $2.19.

Ovid Therapeutics (NASDAQ:OVID) last released its earnings results on Tuesday, May 12th. The company reported ($0.12) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.12). Ovid Therapeutics had a negative net margin of 240.11% and a negative return on equity of 22.51%. Research analysts predict that Ovid Therapeutics will post -0.5 EPS 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.