Short Interest in Ovid Therapeutics (NASDAQ:OVID) Expands By 85.6%

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

Institutional Investors Weigh In On Ovid Therapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in OVID. Eventide Asset Management LLC bought a new stake in shares of Ovid Therapeutics during the fourth quarter valued at approximately $6,985,000. Total Clarity Wealth Management Inc. acquired a new position in Ovid Therapeutics during the 4th quarter worth $47,000. Benin Management CORP acquired a new position in Ovid Therapeutics during the 4th quarter worth $31,000. Janus Henderson Group PLC acquired a new stake in shares of Ovid Therapeutics in the 1st quarter valued at $23,732,000. Finally, Ally Bridge Group NY LLC increased its stake in shares of Ovid Therapeutics by 57.9% in the 1st quarter. Ally Bridge Group NY LLC now owns 2,818,459 shares of the company’s stock valued at $6,257,000 after buying an additional 1,033,459 shares during the period. Institutional investors and hedge funds own 72.24% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Wedbush reiterated an “outperform” rating and issued a $7.00 price target on shares of Ovid Therapeutics in a research report on Wednesday, April 15th. Wall Street Zen raised Ovid Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday, June 27th. HC Wainwright boosted their target price on shares of Ovid Therapeutics from $2.00 to $4.00 and gave the company a “buy” rating in a research note on Thursday, April 9th. Roth Capital reaffirmed a “buy” rating and issued a $7.00 target price on shares of Ovid Therapeutics in a report on Thursday, May 14th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Ovid Therapeutics in a report on Tuesday, April 21st. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Ovid Therapeutics currently has an average rating of “Moderate Buy” and a consensus target price of $5.12.

Ovid Therapeutics Stock Down 0.4%

Shares of OVID opened at $2.44 on Friday. The company has a market capitalization of $455.40 million, a P/E ratio of -8.41 and a beta of 0.18. The company has a debt-to-equity ratio of 0.06, a current ratio of 10.17 and a quick ratio of 10.17. Ovid Therapeutics has a one year low of $0.47 and a one year high of $3.11. The business’s 50 day simple moving average is $2.50 and its 200-day simple moving average is $2.19.

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, meeting 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%. As a group, sell-side analysts predict that Ovid Therapeutics will post -0.5 EPS for the current fiscal year.

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.