Short Interest in Ovid Therapeutics (NASDAQ:OVID) Drops By 25.5%

Ovid Therapeutics (NASDAQ:OVID) was the target of a large drop in short interest during the month of April. As of April 15th, there was short interest totaling 6,957,013 shares, a drop of 25.5% from the March 31st total of 9,337,824 shares. Based on an average daily volume of 4,102,471 shares, the days-to-cover ratio is currently 1.7 days. Approximately 6.1% of the shares of the company are sold short.

Ovid Therapeutics Stock Performance

Shares of OVID traded up $0.02 during midday trading on Friday, reaching $2.79. 953,611 shares of the stock were exchanged, compared to its average volume of 2,997,350. Ovid Therapeutics has a twelve month low of $0.27 and a twelve month high of $3.11. The company has a quick ratio of 8.97, a current ratio of 8.97 and a debt-to-equity ratio of 0.09. The company has a market cap of $367.95 million, a P/E ratio of -9.00 and a beta of 0.18. The stock’s 50 day simple moving average is $2.29 and its 200 day simple moving average is $1.81.

Ovid Therapeutics (NASDAQ:OVID) last posted its earnings results on Wednesday, March 18th. The company reported $0.06 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.16. Ovid Therapeutics had a negative return on equity of 23.98% and a negative net margin of 240.11%.The company had revenue of $0.72 million during the quarter, compared to the consensus estimate of $0.06 million. On average, sell-side analysts expect that Ovid Therapeutics will post -0.48 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. HC Wainwright raised their price target on Ovid Therapeutics from $2.00 to $4.00 and gave the company a “buy” rating in a report on Thursday, April 9th. Wall Street Zen raised Ovid Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday, March 21st. Wedbush reaffirmed an “outperform” rating and set a $7.00 price target on shares of Ovid Therapeutics in a report on Wednesday, April 15th. BTIG Research reaffirmed a “buy” rating and set a $4.00 price target on shares of Ovid Therapeutics in a report on Thursday, March 26th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Ovid Therapeutics in a report on Tuesday, April 21st. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $4.63.

Institutional Investors Weigh In On Ovid Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of the company. RA Capital Management L.P. bought a new position in shares of Ovid Therapeutics in the fourth quarter worth $17,464,000. Affinity Asset Advisors LLC increased its position in shares of Ovid Therapeutics by 169.8% in the fourth quarter. Affinity Asset Advisors LLC now owns 7,150,000 shares of the company’s stock worth $11,654,000 after purchasing an additional 4,500,000 shares during the period. Eventide Asset Management LLC bought a new position in shares of Ovid Therapeutics in the fourth quarter worth $6,985,000. ADAR1 Capital Management LLC increased its position in shares of Ovid Therapeutics by 33,256.7% in the fourth quarter. ADAR1 Capital Management LLC now owns 4,285,000 shares of the company’s stock worth $6,985,000 after purchasing an additional 4,272,154 shares during the period. Finally, Federated Hermes Inc. bought a new position in shares of Ovid Therapeutics in the fourth quarter worth $5,307,000. Institutional investors and hedge funds own 72.24% of the company’s stock.

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.