Ovid Therapeutics (NASDAQ:OVID) Short Interest Update

Ovid Therapeutics (NASDAQ:OVID) was the recipient of a significant increase in short interest during the month of June. As of June 30th, there was short interest totaling 21,998,879 shares, an increase of 85.6% from the June 15th total of 11,855,450 shares. Currently, 12.7% of the shares of the stock are short sold. Based on an average daily volume of 5,823,749 shares, the days-to-cover ratio is currently 3.8 days.

Ovid Therapeutics Stock Performance

Ovid Therapeutics stock opened at $2.45 on Friday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 10.17 and a current ratio of 10.17. The stock has a fifty day moving average of $2.51 and a two-hundred day moving average of $2.19. The company has a market capitalization of $457.27 million, a price-to-earnings ratio of -8.45 and a beta of 0.18. Ovid Therapeutics has a fifty-two week low of $0.41 and a fifty-two week high of $3.11.

Ovid Therapeutics (NASDAQ:OVID) last released its quarterly earnings results on Tuesday, May 12th. The company reported ($0.12) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.12). Ovid Therapeutics had a negative return on equity of 22.51% and a negative net margin of 240.11%. On average, analysts anticipate that Ovid Therapeutics will post -0.5 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. LPL Financial LLC raised its stake in Ovid Therapeutics by 150.0% in the 4th quarter. LPL Financial LLC now owns 30,000 shares of the company’s stock valued at $49,000 after purchasing an additional 18,000 shares during the last quarter. Bank of America Corp DE boosted its stake in shares of Ovid Therapeutics by 49.7% during the 4th quarter. Bank of America Corp DE now owns 56,733 shares of the company’s stock worth $53,000 after purchasing an additional 18,841 shares during the last quarter. Benin Management CORP purchased a new stake in shares of Ovid Therapeutics during the fourth quarter worth about $31,000. Sovereign Financial Group Inc. grew its holdings in shares of Ovid Therapeutics by 200.0% during the first quarter. Sovereign Financial Group Inc. now owns 30,000 shares of the company’s stock worth $67,000 after buying an additional 20,000 shares in the last quarter. Finally, State of Wyoming acquired a new position in shares of Ovid Therapeutics in the first quarter valued at approximately $49,000. Institutional investors and hedge funds own 72.24% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have commented on the company. Wall Street Zen upgraded Ovid Therapeutics from a “sell” rating to a “hold” rating in a research report on Saturday, June 27th. 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. Roth Capital reaffirmed a “buy” rating and set a $7.00 price target on shares of Ovid Therapeutics in a research note on Thursday, May 14th. HC Wainwright boosted their price objective on shares of Ovid Therapeutics from $2.00 to $4.00 and gave the stock a “buy” rating in a research report on Thursday, April 9th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Ovid Therapeutics in a research report on Tuesday, April 21st. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Ovid Therapeutics currently has an average rating of “Moderate Buy” and an average target price of $5.12.

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.