Ovid Therapeutics (NASDAQ:OVID) Short Interest Update

Key Points

• Ovid Therapeutics experienced a **54.8% increase** in short interest in July, with total short shares rising to **1,610,000** from **1,040,000**.
• The company reported a quarterly earnings loss of **($0.06) per share**, surpassing analyst expectations of **($0.16)**, with revenue significantly higher at **$6.27 million** compared to a consensus of **$0.09 million**.
• Various institutional investors have increased their stake in Ovid Therapeutics, with **72.24%** of the stock currently owned by hedge funds and other institutional entities.

Ovid Therapeutics (NASDAQ:OVID - Get Free Report) was the target of a large growth in short interest in the month of July. As of July 31st, there was short interest totaling 1,610,000 shares, agrowthof54.8% from the July 15th total of 1,040,000 shares. Approximately2.7% of the shares of the company are sold short. Based on an average daily volume of 1,500,000 shares, the days-to-cover ratio is currently 1.1 days. Based on an average daily volume of 1,500,000 shares, the days-to-cover ratio is currently 1.1 days. Approximately2.7% of the shares of the company are sold short.

Ovid Therapeutics Price Performance

Shares of NASDAQ:OVID traded up $0.0750 during trading on Monday, reaching $1.1050. 1,754,062 shares of the company traded hands, compared to its average volume of 976,633. The company's 50 day moving average is $0.52 and its two-hundred day moving average is $0.43. The firm has a market capitalization of $78.58 million, a PE ratio of -2.10 and a beta of 0.20. The company has a quick ratio of 4.72, a current ratio of 4.72 and a debt-to-equity ratio of 0.23. Ovid Therapeutics has a 52 week low of $0.2425 and a 52 week high of $1.47.

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

Analyst Ratings Changes

Several research firms recently issued reports on OVID. HC Wainwright reduced their price target on Ovid Therapeutics from $2.00 to $1.50 and set a "buy" rating for the company in a research note on Tuesday, May 27th. Wall Street Zen upgraded Ovid Therapeutics from a "sell" rating to a "hold" rating in a research note on Saturday, August 16th. Finally, B. Riley restated a "buy" rating and issued a $3.00 price target on shares of Ovid Therapeutics in a research note on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the stock. Based on data from MarketBeat.com, Ovid Therapeutics currently has a consensus rating of "Buy" and a consensus target price of $3.10.

Hedge Funds Weigh In On Ovid Therapeutics

A number of institutional investors have recently modified their holdings of the business. Acadian Asset Management LLC raised its holdings in shares of Ovid Therapeutics by 12.8% during the 1st quarter. Acadian Asset Management LLC now owns 2,088,046 shares of the company's stock worth $650,000 after buying an additional 237,445 shares in the last quarter. Adage Capital Partners GP L.L.C. raised its holdings in shares of Ovid Therapeutics by 15.0% during the 1st quarter. Adage Capital Partners GP L.L.C. now owns 1,150,000 shares of the company's stock worth $359,000 after buying an additional 150,000 shares in the last quarter. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Ovid Therapeutics by 50.2% during the 4th quarter. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 943,416 shares of the company's stock worth $881,000 after buying an additional 315,126 shares in the last quarter. Affinity Asset Advisors LLC acquired a new position in shares of Ovid Therapeutics during the 1st quarter worth $208,000. Finally, Assenagon Asset Management S.A. raised its holdings in shares of Ovid Therapeutics by 699.9% during the 1st quarter. Assenagon Asset Management S.A. now owns 560,830 shares of the company's stock worth $175,000 after buying an additional 490,716 shares in the last quarter. Institutional investors and hedge funds own 72.24% of the company's stock.

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.