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) saw a large growth in short interest during 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 company's stock are short sold. Based on an average daily volume of 1,500,000 shares, the short-interest ratio is currently 1.1 days. Based on an average daily volume of 1,500,000 shares, the short-interest ratio is currently 1.1 days. Approximately2.7% of the company's stock are short sold.

Ovid Therapeutics Stock Performance

Shares of NASDAQ OVID traded up $0.0730 during midday trading on Friday, hitting $1.03. The company's stock had a trading volume of 1,199,135 shares, compared to its average volume of 1,525,876. Ovid Therapeutics has a 1-year low of $0.2425 and a 1-year high of $1.47. The firm's fifty day moving average price is $0.52 and its 200-day moving average price is $0.43. The company has a debt-to-equity ratio of 0.23, a quick ratio of 4.72 and a current ratio of 4.72. The firm has a market cap of $73.24 million, a P/E ratio of -1.94 and a beta of 0.20.

Ovid Therapeutics (NASDAQ:OVID - Get Free Report) last posted its quarterly earnings results on Wednesday, August 13th. The company reported ($0.06) 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 analyst estimates of $0.09 million. On average, sell-side analysts forecast that Ovid Therapeutics will post -0.4 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. XTX Topco Ltd acquired a new position in Ovid Therapeutics during the 1st quarter valued at about $29,000. Nuveen LLC acquired a new position in Ovid Therapeutics during the 1st quarter valued at about $37,000. Jane Street Group LLC acquired a new position in Ovid Therapeutics during the 2nd quarter valued at about $47,000. Velan Capital Investment Management LP boosted its stake in Ovid Therapeutics by 64.9% during the 2nd 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. Finally, Y Intercept Hong Kong Ltd acquired a new position in Ovid Therapeutics during the 2nd quarter valued at about $53,000. 72.24% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on OVID. HC Wainwright dropped their target price on shares of Ovid Therapeutics from $2.00 to $1.50 and set a "buy" rating for the company in a research report on Tuesday, May 27th. Wall Street Zen raised shares of Ovid Therapeutics from a "sell" rating to a "hold" rating in a research report on Saturday, August 16th. Finally, B. Riley reissued a "buy" rating and issued a $3.00 target price on shares of Ovid Therapeutics in a research report 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. According to data from MarketBeat.com, Ovid Therapeutics 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.