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

Key Points

• Ovid Therapeutics experienced a large drop in short interest — down 25.5% to 6,957,013 shares as of April 15, representing 6.1% of shares short and a days-to-cover ratio of 1.7.
• Analyst sentiment is generally positive: there is one Strong Buy, seven Buys and one Sell, giving a MarketBeat consensus rating of “Moderate Buy” with a consensus price target of $4.63 and individual targets ranging up to $7.00.
• The stock traded around $2.69 with a market cap of about $354.7M; Ovid beat quarterly EPS estimates ($0.06 vs. -$0.10) but still shows a negative net margin (~240%) and analysts forecast FY EPS of about -0.48.

Ovid Therapeutics (NASDAQ:OVID - Get Free Report) was the target of a large decrease in short interest in April. As of April 15th, there was short interest totaling 6,957,013 shares, a decrease of 25.5% from the March 31st total of 9,337,824 shares. Currently, 6.1% of the company's shares are short sold. Based on an average trading volume of 4,102,471 shares, the days-to-cover ratio is currently 1.7 days.

Wall Street Analyst Weigh In

OVID has been the subject of several research analyst reports. Wedbush restated an "outperform" rating and issued a $7.00 price target on shares of Ovid Therapeutics in a research report on Wednesday, April 15th. Wall Street Zen upgraded shares of Ovid Therapeutics from a "sell" rating to a "hold" rating in a research report on Saturday, March 21st. Weiss Ratings restated a "sell (d-)" rating on shares of Ovid Therapeutics in a research report on Tuesday, April 21st. BTIG Research restated a "buy" rating and issued a $4.00 price target on shares of Ovid Therapeutics in a research report on Thursday, March 26th. Finally, HC Wainwright upped their price target on shares of Ovid Therapeutics from $2.00 to $4.00 and gave the company a "buy" rating in a research report on Thursday, April 9th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Ovid Therapeutics has an average rating of "Moderate Buy" and a consensus target price of $4.63.

Institutional Trading of Ovid Therapeutics

Several institutional investors have recently made changes to their positions in OVID. Benin Management CORP acquired a new stake in shares of Ovid Therapeutics during the 4th quarter valued at about $31,000. Private Advisor Group LLC acquired a new stake in shares of Ovid Therapeutics during the 3rd quarter valued at about $33,000. Apollon Wealth Management LLC acquired a new stake in shares of Ovid Therapeutics during the 3rd quarter valued at about $36,000. Total Clarity Wealth Management Inc. acquired a new stake in shares of Ovid Therapeutics during the 4th quarter valued at about $47,000. Finally, Jane Street Group LLC bought a new position in Ovid Therapeutics during the 2nd quarter valued at about $47,000. 72.24% of the stock is currently owned by institutional investors and hedge funds.

Ovid Therapeutics Stock Performance

NASDAQ OVID traded down $0.01 during midday trading on Wednesday, hitting $2.69. The company had a trading volume of 1,377,082 shares, compared to its average volume of 2,695,060. The company has a quick ratio of 8.97, a current ratio of 8.97 and a debt-to-equity ratio of 0.09. The firm has a fifty day simple moving average of $2.26 and a two-hundred day simple moving average of $1.80. Ovid Therapeutics has a fifty-two week low of $0.27 and a fifty-two week high of $3.11. The stock has a market cap of $354.74 million, a price-to-earnings ratio of -8.68 and a beta of -0.03.

Ovid Therapeutics (NASDAQ:OVID - Get Free Report) last issued its earnings results on Wednesday, March 18th. The company reported $0.06 earnings per share for the quarter, beating the consensus estimate 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 business had revenue of $0.72 million for the quarter, compared to analyst estimates of $0.06 million. Equities analysts forecast that Ovid Therapeutics will post -0.48 earnings per share for the current fiscal year.

About Ovid Therapeutics

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.

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