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

Ovid Therapeutics Inc. (NASDAQ:OVID) was the target of a large growth in short interest in the month of January. As of January 31st, there was short interest totalling 883,700 shares, a growth of 25.3% from the January 15th total of 705,500 shares. Approximately 1.6% of the shares of the company are sold short. Based on an average trading volume of 365,900 shares, the short-interest ratio is presently 2.4 days.

Wall Street Analyst Weigh In

OVID has been the topic of several research analyst reports. HC Wainwright restated a “buy” rating and set a $3.00 target price on shares of Ovid Therapeutics in a research note on Wednesday, December 4th. Oppenheimer upgraded shares of Ovid Therapeutics from a “market perform” rating to an “outperform” rating and set a $4.00 target price on the stock in a research note on Wednesday, January 29th. One investment analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Ovid Therapeutics presently has an average rating of “Buy” and an average price target of $4.03.

Institutional Investors Weigh In On Ovid Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in OVID. Assenagon Asset Management S.A. bought a new stake in Ovid Therapeutics during the 3rd quarter worth approximately $102,000. GSA Capital Partners LLP raised its stake in Ovid Therapeutics by 118.0% during the 3rd quarter. GSA Capital Partners LLP now owns 260,509 shares of the company’s stock worth $307,000 after acquiring an additional 141,002 shares during the period. FMR LLC raised its stake in Ovid Therapeutics by 1,907.4% during the 3rd 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 period. BNP Paribas Financial Markets raised its stake in Ovid Therapeutics by 4,128.7% during the 3rd quarter. BNP Paribas Financial Markets now owns 220,401 shares of the company’s stock worth $260,000 after acquiring an additional 215,189 shares during the period. Finally, Verition Fund Management LLC bought a new stake in Ovid Therapeutics during the 3rd quarter worth approximately $88,000. Institutional investors own 72.24% of the company’s stock.

Ovid Therapeutics Stock Performance

Shares of NASDAQ:OVID traded down $0.00 during trading on Friday, hitting $0.64. The company’s stock had a trading volume of 280,646 shares, compared to its average volume of 544,787. The company has a 50-day moving average of $0.84 and a 200-day moving average of $1.03. Ovid Therapeutics has a 12 month low of $0.57 and a 12 month high of $3.93. The company has a debt-to-equity ratio of 0.18, a current ratio of 5.66 and a quick ratio of 5.66. The firm has a market cap of $45.72 million, a price-to-earnings ratio of -1.37 and a beta of 0.30.

About Ovid Therapeutics

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.