Ovid Therapeutics Inc. (NASDAQ:OVID) Sees Large Growth in Short Interest

Ovid Therapeutics Inc. (NASDAQ:OVID) saw a significant increase in short interest in December. As of December 15th, there was short interest totalling 947,800 shares, an increase of 28.0% from the November 30th total of 740,300 shares. Based on an average daily volume of 212,600 shares, the days-to-cover ratio is presently 4.5 days. Currently, 1.7% of the shares of the company are sold short.

Analyst Upgrades and Downgrades

Separately, HC Wainwright reiterated a “buy” rating and issued a $3.00 price objective on shares of Ovid Therapeutics in a research note on Wednesday, December 4th. Two analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $4.04.

Ovid Therapeutics Stock Performance

Ovid Therapeutics stock traded down $0.02 during mid-day trading on Tuesday, reaching $0.93. The company had a trading volume of 195,703 shares, compared to its average volume of 377,271. Ovid Therapeutics has a 52 week low of $0.68 and a 52 week high of $4.10. The firm has a market cap of $66.30 million, a price-to-earnings ratio of -1.99 and a beta of 0.29. The company has a quick ratio of 5.66, a current ratio of 5.66 and a debt-to-equity ratio of 0.18. The company has a 50 day moving average of $1.11 and a 200-day moving average of $1.06.

Ovid Therapeutics (NASDAQ:OVID) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.20) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.01). The firm had revenue of $0.17 million during the quarter, compared to analyst estimates of $0.15 million. Ovid Therapeutics had a negative net margin of 5,142.56% and a negative return on equity of 39.24%. On average, sell-side analysts expect that Ovid Therapeutics will post -0.48 EPS for the current fiscal year.

Institutional Investors Weigh In On Ovid Therapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. XTX Topco Ltd grew its stake in shares of Ovid Therapeutics by 46.2% during the third quarter. XTX Topco Ltd now owns 38,230 shares of the company’s stock valued at $45,000 after purchasing an additional 12,076 shares during the last quarter. DCF Advisers LLC increased its stake in shares of Ovid Therapeutics by 111.6% in the 2nd quarter. DCF Advisers LLC now owns 41,750 shares of the company’s stock valued at $32,000 after buying an additional 22,020 shares during the period. FMR LLC raised its position in shares of Ovid Therapeutics by 1,907.4% during the third quarter. FMR LLC now owns 50,225 shares of the company’s stock worth $59,000 after acquiring an additional 47,723 shares during the last quarter. Verition Fund Management LLC acquired a new stake in Ovid Therapeutics in the third quarter worth about $88,000. Finally, Barclays PLC boosted its stake in shares of Ovid Therapeutics by 311.2% in the 3rd quarter. Barclays PLC now owns 84,175 shares of the company’s stock valued at $98,000 after purchasing an additional 63,702 shares during 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.