Short Interest in Ovid Therapeutics (NASDAQ:OVID) Grows By 71.2%

Ovid Therapeutics (NASDAQ:OVID) was the target of a significant growth in short interest in March. As of March 31st, there was short interest totaling 9,337,824 shares, a growth of 71.2% from the March 15th total of 5,454,309 shares. Based on an average daily volume of 6,101,520 shares, the days-to-cover ratio is currently 1.5 days. Approximately 8.1% of the shares of the stock are sold short.

Ovid Therapeutics Trading Up 6.1%

Shares of OVID opened at $2.96 on Wednesday. The company’s fifty day moving average is $1.99 and its 200 day moving average is $1.72. Ovid Therapeutics has a fifty-two week low of $0.26 and a fifty-two week high of $3.11. The stock has a market capitalization of $390.36 million, a PE ratio of -9.55 and a beta of -0.03. The company has a debt-to-equity ratio of 0.09, a quick ratio of 8.97 and a current ratio of 8.97.

Ovid Therapeutics (NASDAQ:OVID) last announced its quarterly earnings results on Wednesday, March 18th. The company reported $0.06 earnings per share for the quarter, topping the consensus estimate of ($0.10) by $0.16. Ovid Therapeutics had a negative net margin of 240.11% and a negative return on equity of 23.98%. The company had revenue of $0.72 million for the quarter, compared to analysts’ expectations of $0.06 million. Sell-side analysts expect that Ovid Therapeutics will post -0.4 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have weighed in on OVID. Lifesci Capital assumed coverage on shares of Ovid Therapeutics in a report on Monday, December 22nd. They set an “outperform” rating and a $4.00 price target on the stock. HC Wainwright boosted their target price on shares of Ovid Therapeutics from $2.00 to $4.00 and gave the stock a “buy” rating in a report on Thursday, April 9th. BTIG Research reissued a “buy” rating and issued a $4.00 target price on shares of Ovid Therapeutics in a report on Thursday, March 26th. Wedbush boosted their target price on shares of Ovid Therapeutics from $5.00 to $7.00 and gave the stock an “outperform” rating in a report on Friday, March 20th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Ovid Therapeutics in a report on Thursday, January 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $4.63.

Institutional Investors Weigh In On Ovid Therapeutics

Large investors have recently bought and sold shares of the business. Assenagon Asset Management S.A. increased its position in Ovid Therapeutics by 112.2% in the third quarter. Assenagon Asset Management S.A. now owns 924,576 shares of the company’s stock worth $1,202,000 after purchasing an additional 488,956 shares during the last quarter. Two Sigma Investments LP bought a new position in Ovid Therapeutics during the third quarter valued at $443,000. Graham Capital Management L.P. bought a new position in Ovid Therapeutics during the fourth quarter valued at $208,000. Rosalind Advisors Inc. bought a new position in Ovid Therapeutics during the second quarter valued at $165,000. Finally, Quadrature Capital Ltd increased its position in Ovid Therapeutics by 217.2% during the fourth quarter. Quadrature Capital Ltd now owns 87,874 shares of the company’s stock valued at $143,000 after acquiring an additional 60,171 shares during the last quarter. Institutional investors own 72.24% of the company’s stock.

Ovid Therapeutics Company Profile

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.