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

Key Points

• Ovid Therapeutics experienced a 61.5% decrease in short interest from August to September, with short shares falling to 488,700.
• The company’s stock saw a notable 19.7% increase in value, trading at $1.64, and had a trading volume significantly above its average.
• Analysts maintain a consensus "Buy" rating for Ovid Therapeutics, with a target price set at $3.10.

Ovid Therapeutics (NASDAQ:OVID - Get Free Report) saw a significant decline in short interest in September. As of September 15th, there was short interest totaling 488,700 shares, a decline of 61.5% from the August 31st total of 1,270,000 shares. Based on an average daily trading volume, of 2,020,000 shares, the short-interest ratio is currently 0.2 days. Currently, 0.8% of the shares of the company are short sold. Currently, 0.8% of the shares of the company are short sold. Based on an average daily trading volume, of 2,020,000 shares, the short-interest ratio is currently 0.2 days.

Institutional Trading of Ovid Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Rosalind Advisors Inc. purchased a new stake in shares of Ovid Therapeutics in the second quarter valued at about $165,000. Jane Street Group LLC acquired a new stake in shares of Ovid Therapeutics in the second quarter valued at about $47,000. Velan Capital Investment Management LP lifted its stake in shares of Ovid Therapeutics by 64.9% in the second quarter. Velan Capital Investment Management LP now owns 160,000 shares of the company's stock valued at $53,000 after purchasing an additional 63,000 shares during the period. Marshall Wace LLP acquired a new position in Ovid Therapeutics during the second quarter worth about $54,000. Finally, Y Intercept Hong Kong Ltd purchased a new position in shares of Ovid Therapeutics in the second quarter valued at $53,000. Hedge funds and other institutional investors own 72.24% of the company's stock.

Ovid Therapeutics Stock Up 19.7%

Shares of Ovid Therapeutics stock traded up $0.27 during trading hours on Thursday, hitting $1.64. The company had a trading volume of 2,966,386 shares, compared to its average volume of 1,132,739. The company's 50-day moving average is $1.02 and its two-hundred day moving average is $0.57. Ovid Therapeutics has a twelve month low of $0.24 and a twelve month high of $1.82. The company has a debt-to-equity ratio of 0.23, a current ratio of 4.72 and a quick ratio of 4.72. The company has a market cap of $116.62 million, a P/E ratio of -3.09 and a beta of 0.35.

Ovid Therapeutics (NASDAQ:OVID - Get Free Report) last issued its earnings results on Wednesday, August 13th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.16) by $0.10. Ovid Therapeutics had a negative net margin of 574.44% and a negative return on equity of 58.87%. The business had revenue of $6.27 million during the quarter, compared to analysts' expectations of $0.09 million. Analysts anticipate that Ovid Therapeutics will post -0.4 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have commented on OVID. Wall Street Zen raised shares of Ovid Therapeutics from a "sell" rating to a "hold" rating in a research note on Saturday, August 16th. B. Riley reaffirmed a "buy" rating and set a $3.00 target price on shares of Ovid Therapeutics in a research note on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the company's stock. According to MarketBeat, Ovid Therapeutics currently has a consensus rating of "Buy" and a consensus target price of $3.10.

Ovid Therapeutics Company Profile

Ovid Therapeutics Inc, a biopharmaceutical company, engages in the development of impactful medicines for patients and families with epilepsies and seizure-related neurological disorders in the United States. The company is developing soticlestat, a novel cholesterol 24 hydroxylase inhibitor, which is in Phase 3 clinical trials for the potential treatment of patients with resistant epilepsies; OV329, a GABA aminotransferase inhibitor which is in Phase 1 clinical trials for the treatment of seizures associated with tuberous sclerosis complex and infantile spasms; and OV350, a small molecule direct activator of the KCC2 transporter, which is in Phase 1 clinical trials for treating epilepsies.

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